The CEO of Tech Companies claim that IT companies are using AI as a "justification" to fire employees.

Thousands upon thousands of tech professionals must deal with a tough reality. Their lucrative careers are no longer secure. Their futures don't seem as promising as they did ten years ago with the advent of artificial intelligence (AI).

A startling number of jobs have been eliminated as US tech giants have increased their investments in AI. Last year, Microsoft laid off 15,000 employees. In the past six months, Amazon has let go of 30,000 workers. In February, Block, a financial services company, laid off around 4,000 employees, or 40% of its workforce. Over 1,000 people have been let go by Meta in the past six months, and a Reuters article claims that the company may soon lay off 20% of its workforce. Oracle, a major software company, lay off thousands of employees this week.

Atlassian and Pinterest, two smaller companies, recently reduced their workforces by roughly 10% and 15%, respectively. The tracker Layoffs.fyi estimates that there were over 165,000 tech layoffs in the last year.

"I have never been this pessimistic about the future of careers in tech at any point in my career," a tech employee who has worked for large software businesses for decades stated. The employee asked to remain anonymous out of fear of reprisals. "And I love tech, so that's really sad."

Anxiety is not exclusive to Silicon Valley. Tech companies are viewed as corporate innovators, so when they eliminate staff, either to prioritize AI investments or in anticipation of AI efficiency improvements, it could set a precedent for other companies to follow suit.

However, many AI specialists believe that we are still a long way from AI being able to replace significant portions of the workforce, if it ever can, despite the fact that AI has helped speed up coding, analyze massive databases, and support research. What is actually happening, then?. 

AI specialists thinks AI is still unreliable, but with the current trend in tech companies, investing massively in AI, laying of staffs and claiming redundant work schedule. The Apocalypse of employment is not far from the horizon

Lagos State signs power deals to raise supply to 400MW

 

On Saturday, Lagos State toed the line of Abia State government in becoming independent power producing state.

Lagos state government signed power purchase agreements with three independent electricity producers, paving the way for a significant increase in its captive energy supply from about 60 megawatts to up to 400 megawatts in three years.

The signing event, which formalized agreements with Mainland Power Limited, Fenchurch Power Limited, and Viathan Engineering Limited—a combination of established partners and a newcomer taking on one of the state's previously inactive power assets—was presided over by Lagos State Governor Babajide Sanwo-Olu.

The accords represent Lagos's most ambitious attempt to avoid Nigeria's persistently unstable national grid, which has long limited business activity throughout Africa's largest city by GDP.

The state is stepping up its decentralized energy strategy, which is based on specialized plants supporting public infrastructure, instead of waiting for decades-old federal power changes.

This agreement is about the people and how easily we can solve problems,” Sanwo-Olu said after the signing. “This marks the beginning of the reforms we are seeing in the energy sector.”

The Akute Independent Power Plant, which has been idle for five years and was recently given to Fenchurch Power Limited under a concession deal, lies at the heart of the expansion.

Currently, 5.8 megawatts are delivered to a corridor that runs from Ikeja to Oshodi by Mainland Power Limited, which runs the 8.8 megawatt Ikeja GRA plant on a renewed 10-year contract. Lagos State Urban Renewal Agency and Lagos State University Teaching Hospital are important clients.

Viathan Engineering manages a total of 21 megawatts across plants in Lekki and Marina on Lagos Island, providing power to the State Government House, the deputy governor's house, Lagos Island General Hospital, and Lagos Island Maternity Hospital.

According to Lagos Commissioner for Energy and Mineral Resources Biodun Ogunleye, the agreements were designed to expand generation and revitalize stranded assets without straining state coffers. According to him, as rehabilitation and modifications continue, total output is anticipated to reach between 200 and 400 megawatts over the next two to three years.