Analysis: in the Bay Area, tech employers filed layoff notices for 14,500+ workers in the 12 months to June and software engineer demand is down 42% since 2022 (Francesca Maglione/Bloomberg)

Tech employers in the Bay Area filed layoff notices for over 14,500 workers in the 12 months leading up to June. Concurrently, the demand for software engineers in the Bay Area has decreased by 42% since 2022. This downturn in the job market and significant layoffs are occurring despite the substantial wealth generated by companies like Anthropic and OpenAI, which seems to be overshadowing the current employment uncertainties.