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AI-Linked Layoffs Hit 13 S&P 500 Stocks, Fed Blames Rates

5/18/2026

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Summary

Story summary

AI-linked layoffs at 23 S&P 500 firms left 13 in the red, cutting shares by 25% on average.
Salesforce cut 4,000 jobs, causing its shares to drop 32% after the announcement.
A study links 112,000 AI-related job losses and MIT estimates AI could replace 11.7% of U.S. labor, saving $1.2 trillion.
The New York Fed’s May 13 analysis says high rates, post-pandemic over-hiring and weak labor, not AI, drive the slowdown.

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Story summary

AI-linked layoffs at 23 S&P 500 firms left 13 in the red, cutting shares by 25% on average.
Salesforce cut 4,000 jobs, causing its shares to drop 32% after the announcement.
A study links 112,000 AI-related job losses and MIT estimates AI could replace 11.7% of U.S. labor, saving $1.2 trillion.
The New York Fed’s May 13 analysis says high rates, post-pandemic over-hiring and weak labor, not AI, drive the slowdown.