[Updated on December 2, 2024 to include 100 layoffs based on the latest available data]

For many workers, it pays to have a job in an R&D or STEM-heavy field. The Bureau of Labor Statistics forecasts 10.4% growth in STEM jobs through 2033, more than double the overall employment growth rate of 4%. But that doesn’t mean all sectors within STEM are thriving uniformly. Employment in several industrial sectors is likely to stagnate over the next decade, according to BLS projections. Tech layoffs in Silicon Valley have been at their highest level since the Dot Com Bubble burst. Tech Crunch noted that the tech industry alone had over 130,000 job cuts across 457 companies as of November. 

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As we noted in the article “The great R&D reshuffle of 2024: AI drove significant restructuring across sectors,” many firms are making cuts even as they invest heavily in AI. Traditional tech and software companies, which lead in terms of AI adoption, account for the largest share of layoffs (78,000+ jobs), with companies like SAP investing €2 billion annually in AI while planning to cut up to 10,000 jobs. Similarly, hardware and electronics manufacturers have seen 13,500+ cuts, exemplified by Intel’s 15,000-person reduction while pouring billions into AI chip development. The automotive sector has shed 19,000+ jobs as companies like Tesla restructure, which is looking toward robotics and autonomous cab rides to stoke future growth.

Tesla’s case is something of a microcosm. While companies are cutting jobs, many are pivoting toward emerging technologies and operational efficiency. Dell’s 12,500 job cuts in sales roles came alongside significant AI investments. AMD’s 1,000-person reduction occurred while raising its 2024 data center AI chip revenue forecast to more than $5 billion. Companies are not just cutting costs but reimagining their workforce composition — from Revel’s shift to a gig-worker model to Google’s strategy of moving certain roles overseas. Even the telecommunications sector’s 16,000 job cuts reflect a broader industry restructuring toward digital transformation and AI integration. The trend extends beyond tech. In biotech, companies like Exscientia cut 25% of their workforce while doubling down on AI-driven drug discovery. Ginkgo Bioworks announced cuts while launching new AI initiatives and a $250 million Google Cloud partnership.