Friday, July 12, 2024

Hiring Boom at Largest Tech Firms Leads to Bubble Concerns

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Bloomberg: Hiring in the tech industry is way up, leading some to caution that the sector may be in the midst of another bubble. Fifty tech firms valued at $100 million or more, including Apple and Amazon, have increased their headcount by 50 percent or more in the last two years. And 70 of those large tech firms have increased headcount by at least 10 percent. Some smaller firms have tripled their number of employees.

Observers warn that the hiring boom seems similar to the days leading up to the dot-com crash in 2000. “After some real dark days, there’s a lot of excitement and innovation happening again, but as a guy who has been through Bubble 1.0, I can’t help but see a lot of similarities,” said Stuart MacDonald, of software firm “I can’t help but think I’ve seen this movie before.”

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