The loss of AI jobs at Atlassian is just the beginning as startups look to downsize

The artificial intelligence upheaval that has caused software companies Atlassian, WiseTech Global and Block to make massive job cuts amid dramatic share price falls is now impacting Australian private technology companies, with expected rounds of layoffs, valuation cuts and a squeeze on initial public offerings.

Australia’s largest venture capital investors and leading private start-up founders reported The Australian Financial Review that layoffs were already happening quietly and that non-AI startups were facing a funding desert that threatened their existence.

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