The tech industry's layoff rate reached 2.3% in June, surpassing the peaks of the 2008 financial crisis and the 2001 recession, with 63,000 employees laid off that month. Of these, Oracle laid off 21,000 employees, accounting for 13% of its total workforce, explicitly attributed to AI deployment; Microsoft also announced layoffs of approximately 4,800 people in July, representing 2.1% of its global workforce. AI currently accounts for 23% of all layoff announcements in the US for 2026.