37,000 U.S. job cuts in first ten days of May; Meta May 20, PayPal 4,760, Fidelity 800

U.S. announced layoffs totaled roughly 37,000 in May 1–10, with Meta on track for 8,000 (10% of workforce) on May 20 while canceling 6,000 open positions—totaling 14,000 headcount reduction. The CFO noted it 'offsets AI capex.' PayPal cut 4,760 on May 9 as part of an AI overhaul; Fidelity cut 800 on May 11. Over the same period, Meta committed $115–135 billion for 2026 AI infrastructure alone.