Cisco's Billion-Dollar Bet: Bidding Humans Adieu in the AI Revolution

Despite earning profits of $10.3 billion last year, technology giant Cisco is reportedly laying off 5,500 employees in a bid to boost investments in artificial intelligence (AI).

The news comes as other tech industry stalwarts, including Microsoft and Intuit, have also justified significant job cuts in light of AI advancements.

The latest round of layoffs at Cisco amount to seven percent of its workforce, according to a notice posted with the Securities and Exchange Commission.

The ongoing "AI race" has also seen Cisco shed 4,000 staff earlier this year, as the company seeks to "realign the organisation".

In total, Over 126,000 people have been laid off across 393 tech companies since the start of the year.

- CyberBeat