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Thanks To AI, San Francisco's Tech Companies Are Hiring Again - Slashdot
source link: https://tech.slashdot.org/story/23/07/06/1731237/thanks-to-ai-san-franciscos-tech-companies-are-hiring-again
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Thanks To AI, San Francisco's Tech Companies Are Hiring Again (bloomberg.com) 13
Posted by msmash
on Thursday July 06, 2023 @02:00PM from the encouraging-feedback dept.
After months of painful job cuts, companies in San Francisco's tech sector stepped up hiring in May, spurred in part by an artificial intelligence boom, according to a new report. From a report: San Francisco and neighboring San Mateo County added 2,800 jobs in the tech sector in May, according to the city's latest employment update. The new hires mean the region has recovered 38% of jobs since a wave of industry cuts began in late 2022, said San Francisco's chief economist Ted Egan.
"The stock market, especially Big Tech, is doing very well this year and that tends to be a leading indicator for hiring, especially in San Francisco," said Egan. He expects the artificial intelligence sector accounted for much of the job growth given the "huge chunk of buzz" the industry is generating. Companies like OpenAI, the maker of ChatGPT, and Anthropic, which recently raised $450 million for a competing AI-powered chatbot, are both based in San Francisco. While the latest data indicates an AI-fueled hiring increase, it does not provide a breakdown of where the new jobs were located between San Francisco and nearby cities to the south in San Mateo County.
"The stock market, especially Big Tech, is doing very well this year and that tends to be a leading indicator for hiring, especially in San Francisco," said Egan. He expects the artificial intelligence sector accounted for much of the job growth given the "huge chunk of buzz" the industry is generating. Companies like OpenAI, the maker of ChatGPT, and Anthropic, which recently raised $450 million for a competing AI-powered chatbot, are both based in San Francisco. While the latest data indicates an AI-fueled hiring increase, it does not provide a breakdown of where the new jobs were located between San Francisco and nearby cities to the south in San Mateo County.
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