Public Event Detail
Black Thursday: Israeli tech reels as Wix, Amdocs, Rapyd and SentinelOne cut jobs
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Event summary
Major Israeli tech companies like Amdocs, Wix, Rapyd, and SentinelOne announced significant job cuts, signaling a "Black Thursday" for the sector. These layoffs are driven by a combination of AI adoption leading to increased efficiency, potentially allowing companies to operate with fewer employees, and the strong Israeli shekel which has made local engineering talent highly expensive for companies with dollar-based revenues. This situation is further exacerbated by the market signals from Silicon Valley layoffs and the Bank of Israel's inability to weaken the shekel significantly.