The tech industry was deflating. Then came ChatGPT.

The optimism in the AI sector contrasts with the massive layoffs that have been rocking the industry for months. Thousands of tech workers are still out of a job after the massive wave of layoffs that rolled through dozens of start-ups, as well as Microsoft, Amazon, Facebook and Google over the past year. Higher interest rates, which triggered the shakiness for tech companies used to borrowing huge sums to fund their ever-increasing growth, aren't going away.