97,000 layoffs
Tech companies accounted for the largest share of cuts as they restructured headcount around automation and artificial intelligence initiatives.
Snapshot · Schwab Network
Thursday's Final Takeaways: QNT IPO Debut & TSM AI Chip Demand
Explore episode
Jun 4, 2026
Where this was said
AI Layoffs and Private Labor Market Trends
At 0:18 · chapter starts 0:00
Marley Kayden discusses the latest private labor data showing picking-up layoffs, with artificial intelligence cited as a major driver of tech restructuring despite overall year-over-year job cut improvements.
The Rising Cost of AI: Corporate Job Cuts Pick Up
Corporate layoffs rose in May, and for the third consecutive month, companies cited AI restructuring as the primary reason for these job cuts. Tech firms lead the workforce reductions even as they aggressively ramp up AI developer hiring.
400,000 cuts through May
The 400,000 figure is significantly lower than the nearly 700,000 job cuts announced during the same five-month window of 2025.
Quantinuum Surges in Massive Public Debut
Quantinuum priced its upsized IPO at $60 per share, raising $1.68 billion in one of the largest sector offerings ever. The stock surged 10% on its first day, indicating massive investor hunger for next-generation hardware.
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1 million website visitors total
More than 1 million people have visited SiteGPT's website since launch in March 2023, all through organic channels.
90% of Google traffic from free tools
Approximately 90% of SiteGPT's Google search traffic comes from the free tools Bhanu built, not the main product pages.
Sold first SaaS for $250,000
Bhanu sold his first SaaS product, Feather, for $250,000 so he could focus fully on the faster-growing SiteGPT.
$500K total revenue since launch
SiteGPT has generated approximately $500,000 in total revenue since its launch in March 2023.
SiteGPT LTV ~$1,700–$1,800
The average customer lifetime value for SiteGPT is approximately $1,700 to $1,800, which Bhanu considers unusually high.
50,000 monthly visitors
SiteGPT receives around 50,000 visitors per month, of which about 200 convert to leads and 60 start free trials.
SiteGPT reached $10K MRR in month 1
SiteGPT hit $10,000 MRR within its very first month of launch, driven largely by early traction in the AI chatbot space.
Stuck at $2K MRR despite downloads
Despite strong download numbers, PropGPT could not push past $1,000–$2,000 MRR due to poor product retention.
