Unlike other Silicon Valley giants, it doesn't have booming AI or cloud businesses to offset its losses. Microsoft, IBM, and Google have also shed thousands of workers this year. CEOs, including Meta's Mark Zuckerberg and Microsoft's Satya Nadella, have said they are cutting staff to streamline operations and free up capital to invest billions in AI. For this story, Fortune used generative AI to help with an initial draft. An editor verified the accuracy of the information before publishing.