Tech companies are posting record profits while laying off nearly 150,000 workers in 2026, citing AI as the cause, even as a small cohort of AI insiders accumulates unprecedented wealth.

Snap is laying off approximately 1,000 employees, or 16% of its global workforce, as the company shifts resources toward AI-driven operations.

Rapid AI adoption is driving layoffs across Silicon Valley, while engineers in China appear more insulated from the wave of AI-related job cuts.