From my experience in the last few years, AI hasn't caused layoffs in most companies. However, most companies have drastically slowed or stopped hiring. When people voluntarily leave, companies aren't replacing them. Instead, they are asking the remaining people to work a bit harder and a bit smarter with AI.

Based on this, my conclusion isn't that AI is causing job loss. Instead, the ZIRP era ended and then the tariffs threw a wrench into business planning. Tariffs are causing companies to lose confidence in growth so they're hyper conservative.