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Tech Company Lays Off 5,500 Workers to Invest More in AI, Despite Making $10.3 Billion in Profit

Futurism
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Cisco laid off 5,500 workers as part of an effort to invest more in AI .

CEO Chuck Robbins used the term " AI " five times in a short statement, highlighting the company's efforts to keep up in the ongoing AI race.

The layoff news helped boost Cisco 's stock price on Wednesday , going from $ 45.04 to $ 48 per share in after-hours trading.