AI is hiring and firing at the same time

Mar 13, 202611 min readNewsletter
Grow Smart Income
Week 11 · Mar 10–14, 2026
AI is hiring and firing at the same time
Atlassian cuts 1,600 jobs to fund AI. Block cut 4,000. Tech layoffs pass 53,000 in ten weeks. The companies doing the firing are posting record revenue — and calling it transformation. Meanwhile, oil hits triple digits, the IEA drops its biggest reserve release ever, and crypto gets the regulatory clarity it’s been waiting a decade for.
S&P 500
6,672.62
▼ 1.52%
Nasdaq
22,311.98
▼ 1.78%
Bitcoin
$70,523
▼ 0.55%
WTI Crude
$96.10
▲ 10.1%
This week the market fears:
A war-driven oil shock meeting an AI-driven jobs shock
Est. reading time: 7 min
The Week in 60 Words

The Iran war entered its second week with the Strait of Hormuz still closed, oil briefly topping $119 before the IEA announced a record 400-million-barrel reserve release. Stocks hit 2026 lows. Atlassian became the latest tech giant to cut thousands of jobs in the name of AI. The SEC and CFTC finally agreed to stop fighting over who regulates crypto. And Nvidia’s GTC — AI’s biggest annual event — starts Monday.

Big Idea
When “investing in AI” means firing people

The layoff playbook has a new chapter — and it’s written in Python

Atlassian cut 1,600 jobs this week — 10% of its workforce. CEO Mike Cannon-Brookes framed it as self-funding “further investment in AI and enterprise sales.” The stock, down 84% from its 2021 peak and more than 50% this year alone, ticked up 2% on the news. Investors cheered.

This is not an isolated case. Block cut 4,000 jobs last month. WiseTech Global cut 2,000. By early March, tech layoffs in 2026 had surpassed 53,000 globally — about 760 people per day — with one in five explicitly linked to AI and automation, according to RationalFX. The pattern is unmistakable: companies report record revenue, then announce headcount reductions and call it “adaptation.”

Why it matters: There is a growing gap between the narrative and the math. Atlassian’s cloud revenue grew 26% year-over-year. Its Rovo AI assistant hit 5 million monthly users. This is not a company in financial distress — it is a company using AI as strategic cover for a profitability restructuring that investors have been demanding since the stock collapsed. The $225 million in restructuring charges buys something more valuable than AI: a cleaner income statement.

What it means for you: If your employer talks about being “AI-first,” look at what they actually invest in versus what they cut. The companies genuinely building with AI are hiring specialized roles. The ones using it as a label are trimming headcount and hoping the market rewards the framing. Know which one you work for.

By the Numbers

THE AI LAYOFF MACHINE

Major tech job cuts explicitly citing AI in 2026 (as of March 12)

1,000 2,000 3,000 4,000 Block 4,000 WiseTech 2,000 Atlassian 1,600 Livspace 1,000 eBay 800 Pinterest 675

Source: RationalFX, TrueUp Layoffs Tracker · Includes only cuts explicitly citing AI

Block’s 4,000 cuts dwarfed the rest, but the pattern is what matters: every company on this list reported revenue growth in its most recent quarter. The layoffs aren’t about survival — they’re about margin optimization repackaged as strategic transformation.

OIL PRICE WHIPLASH

WTI Crude, Feb 24 – Mar 12, 2026 ($/barrel)

$120 $110 $100 $90 $80 $70 $60 $63 $67 $101 IEA: $87 $96 Feb 24 Feb 28 Mar 3 Mar 5 Mar 7 Mar 9 Mar 11 Mar 12 WAR BEGINS

Source: CNBC, Investing.com, FRED (DCOILWTICO) · Approximate closing/intraday prices

WTI surged 52% in 12 days — its fastest spike since futures trading began in 1983. The IEA’s record 400M-barrel release briefly pulled prices below $90, but they bounced back within hours. The market is pricing in a prolonged Hormuz closure, not a short disruption.
Signal vs Noise
01
More than double the 2022 Ukraine response — and it barely dented prices. The Hormuz closure is the worst supply disruption in history.
02
The real fight: who controls the red lines on AI in warfare? OpenAI and Google DeepMind researchers backed Anthropic in an amicus brief.
03
Expect Vera Rubin architecture details, a Groq inference chip reveal, and NemoClaw — Nvidia’s play to own the enterprise AI agent layer.
04
After years of turf wars, a single regulatory framework. The CLARITY Act may still stall, but the agencies aren’t waiting for Congress.
05
Huawei + Huaneng at Yimin mine in Inner Mongolia. 120% of human efficiency, zero emissions, scaling to 10,000 trucks nationally by 2026.
Crypto Pulse

SEC–CFTC MOU formally classifies Bitcoin and Ethereum as digital commodities. The Joint Harmonization Initiative creates a single regulatory pathway for crypto firms. The CLARITY Act — which would codify this into law — remains stalled in the Senate over stablecoin yield provisions, but the agencies are building the operational framework regardless.

Wells Fargo filed a trademark for “WFUSD.” If this is what it looks like — a dollar-pegged stablecoin from a $245 billion bank — it joins Mastercard’s 85-firm crypto partner program in signaling that traditional finance is no longer experimenting. It is building core infrastructure.

Bitcoin held near $70K amid extreme fear (index at 8–13), while spot ETFs absorbed about 11,200 BTC (~$734M) in net inflows over the past week. Institutional capital buying the dip while retail sentiment collapses is a classic divergence — and historically, it resolves upward.

The SEC-CFTC pact removes the single biggest regulatory overhang on crypto — just as traditional finance makes its largest infrastructure bet on digital assets.
What I’m Reading
Book cover
The Technology Trap
Carl Benedikt Frey · 2019 · Princeton University Press
I picked this up because 53,000 layoffs in ten weeks deserves more than a headline — it deserves historical context. Frey’s core insight — that technology creates aggregate wealth but concentrates pain in specific groups and time periods — is something I agree with deeply. What I find incomplete is his faith that political institutions will adapt fast enough; the current wave suggests they won’t. The one thing I’m taking from this: when a company says “AI-first,” look at whether they’re building new revenue or just cutting cost. The answer tells you everything.
One Number
53,205
Tech workers laid off globally in 2026 so far — about 760 per day. At this pace, the total will surpass 2025’s 245,000 by autumn. One in five of those cuts was explicitly linked to AI and automation.
This Week I Noticed

I’ve been thinking about how easily we accept narratives from companies we admire. When Atlassian says “we’re investing in AI,” I instinctively nod. But when the same company has lost 84% of its value and is cutting 1,600 people while reporting 26% revenue growth — the narrative starts to look more like positioning than strategy. I’ve caught myself doing this at work too: dressing up a cost decision as a vision decision. Honesty about motives is harder, but it earns more trust.

China has built the world’s first fleet of driverless electric mining trucks at the Yimin mine in Inner Mongolia — one of the coldest places on Earth, with temperatures plunging to -40°C. A hundred trucks, no drivers, no diesel, coordinated by Huawei’s 5G-A network and AI dispatching. They operate at 120% of human efficiency. What struck me isn’t just the engineering — it’s the implication. If autonomous electric vehicles can handle a coal mine in Siberian conditions, the technology is ready for places far more hostile. Like Mars. The gap between mining truck and planetary rover just got a lot narrower.

Quote of the Week
“Every great cause begins as a movement, becomes a business, and eventually degenerates into a racket.”
— Eric Hoffer, The Temper of Our Time (1967)
AI started as a research cause. It became the biggest business on Earth. This week — with companies firing thousands while posting record revenue under the AI banner — you can feel the third phase approaching. The question is whether it gets there.
Three things to remember
When the largest oil reserve release in history can’t hold prices below $90, markets are telling you the disruption isn’t temporary.
AI isn’t replacing workers yet — but it’s already the excuse companies use to cut headcount while posting record revenue.
The SEC-CFTC crypto pact matters more than any single token move: institutional money follows regulatory clarity, not price charts.
One Thing To Do This Week

Open your portfolio and check how much of it is in companies that have announced AI-driven restructuring in 2026 — Block, Atlassian, eBay, Pinterest, Salesforce. Then ask: is their AI investment creating new revenue, or just trimming headcount? If you can’t answer, dig into their last earnings call transcript before adding to the position.

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