Microsoft, Rivian, Intel Slash Jobs In June Tech Layoff Spree

Core Insights - The technology sector experienced a significant wave of layoffs in June as companies adapt to changing market demands and the increasing influence of artificial intelligence [1][6] Company-Specific Summaries - Rivian Automotive, Inc.: Laid off approximately 140 employees, representing about 1% of its workforce, primarily affecting the manufacturing team in preparation for the upcoming R2 SUV launch [1][2] - Bumble, Inc.: Announced a reduction of around 240 jobs, which is about 30% of its workforce, aimed at enhancing operational efficiency to allocate savings towards new product and technology development [3] - Alphabet, Inc. (Google): Reduced its smart TV division by 25%, impacting up to 75 employees, and shifted focus and investment towards AI projects, cutting funding for Google TV and Android TV initiatives by 10% [4] - Intel Corp.: Plans to lay off between 15% and 20% of its Intel Foundry division as part of a strategy to become leaner and more efficient, while also winding down its automotive business [5] - Playtika: Laid off 90 employees as part of its restructuring efforts [5] - Airtime: Reduced its workforce by 25 employees [5] - Microsoft Corp.: Followed a previous layoff of over 6,500 jobs in May with additional cuts affecting roles across engineering, product management, marketing, and legal [5] Industry Trends - The ongoing layoffs in the tech industry reflect a broader transformation as companies prioritize AI and automation while striving for efficiency and innovation amid economic uncertainty [6]