If You Own an Index Fund, You Own This Trade

Chart of the Day

OCTOBER 8, 2026

ECONOMY • TECHNOLOGY

129,000 Tech Workers Have Been Cut in 2026. That’s Already More Than All of 2025.

AI was supposed to boost corporate profits. So far, it’s mostly boosting the layoff count.

165

’22

264

’23

153

’24

123

’25

129

’26

Tech employees laid off per year, in thousands. The 2026 figure covers January through September 10.

Source: layoffs.fyi, 2026

This week, HubSpot cut 660 workers, citing a strategic shift toward AI... though the company says the cuts aren’t about AI replacing their jobs. Meanwhile, the Nasdaq sold off after reports showed OpenAI’s revenue running $20 billion below what media outlets had signaled.

Everyone hears “AI” and assumes it means companies are getting richer. The 2026 data says something different. AI has mostly shown up as a reason to fire people... not as profit.

Look at the chart. Tech layoffs hit 264,000 in 2023 during the post-pandemic shakeout. They fell to 153,000 in 2024, then 123,000 in 2025. Most people figured the worst was behind us. Wrong. Through early September, 129,000 workers have already been cut. Nearly four months to go. And a third of those layoff events specifically cite AI as the reason.

Here’s the part that really gets me. The same companies writing billion-dollar checks to build AI are using it to justify cutting payroll. The spending flows to a handful of chip and software firms at the top. The pink slips go everywhere else.

If you own an S&P 500 index fund, you own this trade. OpenAI’s revenue landing $20 billion below what media outlets had signaled tells you the payoff from all that AI spending isn’t coming as fast as Wall Street assumed.

Before The Great Repricing

On December 14, President Trump will gather the leaders of the world’s largest economies at his private Miami resort.

And I believe what happens there could change the U.S. dollar forever – potentially triggering a historic repricing across American markets.

The pieces are already falling into place:

A flurry of executive orders… billion-dollar government stakes in obscure mining companies… a landmark pact with 13 nations… and a special agreement signed by six billionaire tech moguls.

At Trump’s December summit, those pieces could finally be assembled in public for the first time – and a new kind of dollar presented to the world as a done deal.

Whether you’re a Republican or Democrat – whether you support this monetary shift or oppose it – you could soon be using Trump’s New Dollar.

That’s why I’ve produced this critical new documentary revealing:

Why I believe Trump is desperately trying to reset America’s money…

Why this has nothing to do with Bitcoin or gold – but is tied to the most valuable resource of the 21st century…

And three moves I believe you can make today to prepare – including the name and ticker of the investment I believe could benefit as this shift unfolds.

The last time America reset its money, it reportedly created – on average – more than 1,000 new millionaires every day for five decades.

But that was only one side of the story.

Millions of workers and savers were quietly left behind as their wages stalled, their savings were hollowed out and the American Dream slipped beyond their reach.

Now, I believe that same dividing line could be drawn again.

Here’s how I think you can prepare.

THE TAKEAWAY

“In 2025, tech companies cut 123,000 workers. In 2026, the number already tops 129,000 with nearly four months to go. The reason cited most often isn’t the economy. It’s AI.”

That’s worth a look at how much of your portfolio is riding on tech and AI right now. Not next week. This week. When the world’s leading AI startup comes in $20 billion below the revenue figure the Street expected, you want to know your exposure.

More tomorrow. Stay sharp.

— Ray Calloway

If You Own an Index Fund, You Own This Trade

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