Why Amazon, Google and Microsoft laid off thousands of tech workers

Tech giants like Amazon, Google and Microsoft have laid off tens of thousands of workers in the past few months. After going on a hiring spree during the Covid-19 pandemic, tech giants now face several headwinds. Higher interest rates and persistent inflation are making the cost of doing business more expensive for high-growth industries like technology. What's more, the rise of buzzy new generative A.I. tools like OpenAI's ChatGPT3 have caused companies like Google and Microsoft to to shake up their old search strategies. So, what do the widespread tech layoffs mean for the wider U.S. economy?