Walgreens just announced they are closing 150 locations and eliminating 500 positions in the US after their Q3 earning fell 60% YOY. Their CEO blamed “uncertainty in consumer spending and diminished demand for Covid-related products and services“. Add Walgreens to list of pandemic of excuse makers which I correctly predicted back in May 2020 (for once, I was right!).
Many other companies have blamed “consumer uncertainty and diminished post Covid-related spending” for their layoffs, revenue decreases and cost cutting measures.
- Disney
- ESPN
- Netflix
- Major TV Networks
- Air BNB
- Multiple Tech Companies
A few of the more honest ones said, “We screwed up. We hired too many people during Covid to meet demand and now have to correct this.”
That’s at least refreshingly honest – even if they forgot to add, “And we don’t give a sh!t about any of these people whose lives we completely upended in the process – we only care about the money.”
I have a new prediction. ChatGPT, AI and LLMs are going to be the next boom and bust bubble. Just watch – every company is going to claim they are investing in AI. VCs will throw money at startups that have no legitimate business plan or any concept of how to make a profit. Their will be some huge IPOs this year.
We’ll see CEOs of companies like GM, Caterpillar and Boeing talking about how AI is transforming their business.
Get ready for the hype train. It’s coming.
For what it’s worth, I would join a well funded AI startup that I thought had some kind of levitate business in a heartbeat. However, I’d insist on a high salary, lots of stock options with clear buyouts and accelerators and an actual employment contract with a big severance package.
So if you’re a VC or founding executive reading this and want to discus an offer, feel free to reach out. We’ll change the world and make ourselves rich.