Despite massive investment and grand promises, AI companies are struggling to deliver returns. The bubble may be deflating, but like the dot-com crash, the aftermath could consolidate power in the hands of tech giants.

In late August, a Silicon Valley news item caught the attention of technology watchers across the country and globe: Meta was, with immediate effect, freezing hiring for its artificial intelligence operation.

The hiring freeze marked a sudden shift in strategy from the Mark Zuckerberg—led company, which had until several weeks ago been turning heads with a talent acquisition strategy that reportedly included offers of $100 million signing bonuses and even larger compensation packages.

Some in the industry took the news of Meta’s hiring freeze as a sign of nothing more tha

See Full Page