Okay, so I graduated with a comp sci degree about a year ago and have not gotten a job. My sister is a data analyst who makes about $120k. Her whole team is getting fired (yahoo) and she has been saying how much trouble she's having in trying to get a senior data analyst job. She is super into her career and even hires interview coaches to help.
She says that everyone is struggling to find tech jobs. When I look at online forums(like reddit) in regards to IT, Software, data, etc jobs... it seems that the whole market is oversaturated and only senior-level jobs are being sought out for. Juniors are flat out not getting hired. Now, as the tech market is clearly not doing well, I've talked to some of my close friends that all have white collar jobs in unrelated fields... I get the gist that nobody is having an easy time in the white collar industry. That white-collar is oversaturated...
I'm guessing AI are stealing these jobs by increasing productivity from mid-level and senior-level positions.
So if a bunch of people are losing high paying careers and being forces into undesirable field... wouldn't this negatively affect the economy and subsequently the stock market? I can see how in the short-term that earnings reports would be positive by less capital expenditures(employee expenses), but wouldn't this be very temporary and probably extremely bearish longterm?
Are these major ceo's even aware or care that they can be potentially nuking the economy so that they have extremely positive earnings reports? Can the average salary of the common man go down and the stock market still keep going up? Essentially the upper-middle class to middle class would dwindle into a smaller subsection of the US population.
Btw my ASTS position is worth $500k w/ cost basis at $6.50 and I'm only working a part time job right now(my whole life actually). I went all-in on this company after doing a ton of research in 2021. I've honestly never had money like this in my life and I think it could keep going up if the project is executed as expected. The margins this company can potentially have with an enormous TAM made me see how this could be a $100-200B mkt cap company one day. Through partnerships with over 50 MNOs, they have 3billion current subscribers. This is not counting the people that live in remote areas and don't even own cell phones... the potential is enormous.
That said, I want to move out of my parents(I'm 31M) and am scared a recession will kill my gains. I want to hold, but I feel like the uncertainty around AI and the economy is making me want to pull out like $200k and get an apartment while I search for a full-time job. I can probably get a job as low voltage electrician, as I have a lot of experience(+10 yrs), but I have 3 degrees. In Philosophy, History, and Comp-Sci from a T-50 public university in the country. I feel as if I deserve a decent office gig, but seemingly nobody wants me. I used to even get denied data entry jobs that I mass applied to. Do you literally have to know someone to get a office job nowadays??
What're your thoughts on AI, the economy, job market and their relationship with the stock market. Thanks...