A lot of jobs are fake. They were created by businesses because it showed growth if they needed to hire more people which is good for the stocks I guess. Among other fuckery.
This is absolutely true. To provide some context, as someone who saw it (mercifully mostly from the outside...):
Most tech companies in the 2020s were flush with easy cash for a variety of reasons (pick your favorite conspiracy theory: government kickbacks from Democrats looking to implicitly buy control over electronic communications channels, people being forced online and into technology-dependent lifestyles due to COVID-19, a surge of easy money via loans/grants due to rampant speculation and government meddling). This meant that those tech firms could do some genuinely
wild nonsense, and that included both kicking off idiotic projects as well as hiring people for a wide variety of useless jobs. Case in point, and slight power level: I have been in board rooms of Fortune 500 companies where the
express and only purpose of certain hiring decisions for six figure jobs was to make sure that the number of employees was higher on a 10-K. I am not kidding whatsoever.
The FAANG firms were particularly bad at this: I can name, just off the top of my head, at least 20+ people (all diverse, all solidly middle-of-the-bell-curve types that barely scraped by at some prestigious university) hired into some sort of desk-based, quasi-managerial position at a FAANG, where they mostly did
e-mail job nonsense for 12+ hours a day like develop slide decks, fart around with asinine tech project Gantt charts, or just have meetings for their own sake. This seemed to really suck for the technical people down the chain. For example, if you were some sort of low-level back-end developer doing code monkey grunt work, you suddenly had an army of "girl job" middle managers with freshly-minted degrees micromanaging the crap out of you to prove their value. One weekly "stand-up" became two, then three, then daily. Suddenly, the volume of Slack messages exploded, e-mails would pour in like water, and it was hard for engineers to do anything actually useful.
Keep in mind that a lot of this behavior was absolutely stock/investor motivated. For instance, now and six years ago, Meta was about as truly big as it will ever get.
Back in 2022, Facebook had 2.936 billion users - that's
around 30% of the entire world. That means that Meta has to do performative nonsense to look busy and upwardly mobile when they had probably long since plateaued. That's
precisely the reason why Facebook pivoted towards the whole VR thing: they
had to, otherwise they'd look like Myspace 2.0 (which is not inaccurate). Also, this is almost certainly why Elon Musk continues to say silly nonsense like
promising a "million-person" Mars colony: his investors expect unreasonable amounts of explosive growth across all of his companies, and the promise of that growth being just around the corner must be constantly reaffirmed lest his investors bail.
Now, we're economically sobering up. Companies can't actually afford to pay DeShaunda, 2.9 GPA with a BSBA from U. Penn. '19 and member of the company's diversity club, around $200k/yr. to mostly harass the crap out of front-end developers. Unfortunately, some of those companies have completely lost their minds and are now firing their valuable staff with as much vigor as they are firing the people warming seats and filling inboxes.
Depending on how you look at it, the "AI Revolution" is something of a dead cat bounce, allowing certain companies to glom on to some sort of promise to further growth a little bit more before the house of cards truly implodes. It's just another technical concept to point at as alleged growth (and a nice little socially-acceptable, investor-friendly excuse to fire a bunch of people you didn't need in the first place).
I'm actually somewhat excited if there's a big crash, to be honest. It'll suck, but I have no doubt that the truly talented people will eventually land on their feet.