Job reductions in the sector surpassed 100,000 year to date, reaching 106,630 as of July 12, according to the tracker Layoffs.fyi. The rise of artificial intelligence has become a recurring theme behind recent layoffs in the tech industry. Also, according to the 2024 Economic Report of the President, as much as 20% of the U.S. workforce is at high risk of possible AI-related job displacement.