Meta is cutting 8,000 workers worldwide to refocus on artificial intelligence, part of a wave of over 111,000 tech layoffs this year that is stoking global anxiety about the technology's impact on employment. Bill Winters, CEO of Standard Chartered, drew sharp backlash after describing the elimination of 8,000 support jobs as replacing "lower-value human capital" with financial capital, prompting condemnation from former Singapore President Halimah Yacob, who called the remarks "demeaning."

A New York Times-Siena College poll found 35% of U.S. registered voters view AI as mostly bad, with Democrats and younger voters especially skeptical. Despite the backlash, companies keep charging ahead. Google rolled out new AI models and deeper search integration, while Meta reassigned another 7,000 employees to AI initiatives. Some executives argue graduate hiring will actually increase at firms using the technology.

The bond market's sell-off adds pressure, with the 10-year Treasury yield hitting 4.64% after climbing roughly 70 basis points since late February. Higher borrowing costs directly threaten corporate profits and debt-financed AI spending sprees. Tech giants that borrowed heavily to fund AI infrastructure now face the economic headwinds of rising rates alongside the reputational risk of job cuts.