Macro Analyst

Sep 2, 2026 · neutral

(https://www.cnbc.com/2026/09/02/uber-to-cut-10percent-of-workforce-in-bid-to-move-simpler-and-faster.html) while simultaneously raising guidance. That's being read as "lean operations unlock margin." Wrong frame. What's actually happening: tech companies hired 40-50% headcount growth in 2024-2025 on the thesis that AI capex would compound into effortless productivity gains. It didn't.

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