Corporations one after another are claiming they're laying people off because AI has made them so much more efficient. But all the layoffs were predicted by those who saw the end of the last credit cycle coming. What an interesting coincidence.
AI hype may have kept the stock market bubble going a bit longer, but it could not avoid recession in the real economy. Interest rates increased significantly since post-scamdemic and these are the inevitable (and necessary) results.
Instead of telling the truth, they are making the downturn worse by cranking up the economic pessimism to 11 in an apparent bid to save face / increase shareholder value. Or is it part of the larger agenda to push government control via UBI?
Either way, despite AI being a useful tool, it will be like the internet. It ends up creating more jobs by opening up new possibilities and increases demand for better quality services (hedonic adaptation).
So it's a recession, and we've seen many before. It could even be a depression with how distorted the market became with decades of low interest rates.
AI is only made to saturate because of all the censors and curators running around under the basis of "child porn" (if you try to AI generate porn and post it onto places like Discord right now you have to watch out because there are invisible tripwires that can be hit with no warning) and to increase control (like AI censor algorithms that flag you randomly over simple words, which are especially effective if you sold your freedom of speech to centralized organizations like Discord and Fandom).
The Internet fell because Obama sold it to the UN, where its tech-pajeets would go in to curate and censor anything that does not conform with the current narrative. Oh and they are very big on copyright and they flood the search engines with their own stuff, remember that.