Israeli tech giant Monday.com is downsizing its workforce by 20% to prioritize artificial intelligence (AI) projects, reflecting a broader trend in the tech industry.
The company is redirecting resources towards its AI Work Platform, integrating no-code app building and customizable AI agents into an all-encompassing automation suite. This pivot comes as enterprise customers increasingly seek AI integration for enhanced productivity.
Monday.com joins a wave of major tech firms shedding thousands to fund AI initiatives. Tech job cuts hit a record high in May, with 78% of companies citing AI refocus as the main reason for layoffs this year, according to Layoffs.fyi.
The restructuring will cost Monday.com between $45 million and $55 million, marking a significant shift in its business strategy. As AI becomes more central, these changes underscore the rapid evolution of tech priorities.
