Anar Bayramov's Substack post argues the tech market is fundamentally flawed, with AI serving as a convenient scapegoat for deeper issues. The article points to over-hiring driven by easy money post-2008, leading to a focus on exponential growth rather than sustainability. Companies prioritized expansion, accumulating excess talent that became disposable when the market shifted.

Bayramov suggests that layoffs have become a tool for companies to signal efficiency to Wall Street, sacrificing human capital to protect margins. This dynamic creates a difficult situation for engineers who undergo rigorous interview processes, only to be placed on non-essential teams. The author highlights how European labor protections are eroding under the pressure of US-style growth models.

Ultimately, the post argues that the current job market difficulties are not primarily due to AI but are a result of the unwinding of over a decade of financial excesses. The author believes companies must relearn how to build with scarcity instead of abundance. The underlying issue is viewing engineers as speculative assets rather than valuable human capital.

This perspective is critical as layoffs continue across the industry. It prompts a reevaluation of tech companies' priorities and practices. It will be interesting to see if this shift leads to more sustainable business models. Also, will engineers start demanding a better work-life balance and more long-term stability?