State of the Market

[pjt]

Interesting point. Are there fewer people in their early to mid-30s, continuing to go into contracting?

10-15 years ago it seemed that I worked with a lot of contractors who were under 35. Now there seem to be fewer younger ones about.

This forum seems to be disproportionately populated by people well past 40 so I don't think we're particularly representative of 'the market'.

Funnily enough my son has just picked up his first contract role. Hes still at Uni but has ben offered a part time gig with a small startup. Outside IR35 so their is some hope for the younger ones. I've given him a strong warning not to go down this road when he graduates though as its looking like a tough sell longer term.

[pjt]

But haven't consultancies historically backfilled with contractors?

Thats where I seem to be getting work these days. Some of the small consultancies are almost like agencies in disguise. They pitch for work and when they win they have a pool of contractors they can utalise. I have to say its worth getting some contacts with these guys if they like you they can be a good source of work.

[TheDude]

But haven't consultancies historically backfilled with contractors?

I guess - I am working for the government via a consultancy and a supplier. The rate is crap presumably because everyone in the supply chain is taking a chunk.

I have had zero contact with the consultancy since starting in September.

I'm not complaining because at least I am getting paid and it is outside but I am on £200 a day less that I was getting in 2013.

[TheDude]

Not the ones from India/off-shore. They normally have a queue of people wanting to work for peanuts and a visa in my experience.

My last city gig was at a European bank. The development floor was at least 80% Indian they were either extremely careful with their money or were getting paid way less than (at least what used used to be) the going rate.

There were exceptions but in general they were lower calibre developers than I was used to working with. I don't blame them for chasing opportunity but if and when they are made redundant some will really struggle.

[The_Equalizer]

It feels like 1999 again...

Although in 1999 there were a vast number of roles. Can't quite imagine what a bust in the current market would look like.

[herman_g]

When someone like him that warns he's really worried about irrational AI investment levels then it's really time to start to worry.

It feels like 1999 again...

AI will have the exact same crash as the dot.com boom. Hard to figure out which one will be bigger.

During the 1999 dot.com boom, any penny stock company that sent out runours of internet involvement went from nothing to gold and then later nothing.

Now, they just stick AI on the back of their name and the stock soars.

A single NVIDIA partner data center (under construction) was shown to need as much electricity to power it as it takes to power NYC, That power does not exist in the USA. Yet, they just keep building those data centers.

The AI revolution is going nowhere. Yet, for now, those AI companies are being pumped with cash with few investors considering the upcoming crash.

[willendure]

AI will have the exact same crash as the dot.com boom. Hard to figure out which one will be bigger.

During the 1999 dot.com boom, any penny stock company that sent out runours of internet involvement went from nothing to gold and then later nothing.

Now, they just stick AI on the back of their name and the stock soars.

A single NVIDIA partner data center (under construction) was shown to need as much electricity to power it as it takes to power NYC, That power does not exist in the USA. Yet, they just keep building those data centers.

The AI revolution is going nowhere. Yet, for now, those AI companies are being pumped with cash with few investors considering the upcoming crash.

Yep. In some sense the really big players look Micrsoft or Google know there will be a crash, but also know they will survive. So competing hard in AI could be a way for them to kill off the competition in the longer term.

Sold all AI stocks I own. Also sold all my bitcoin just as the current downtrend was getting started. Gold miners is where its at for me currently. $$

[herman_g]

Yep. In some sense the really big players look Micrsoft or Google know there will be a crash, but also know they will survive. So competing hard in AI could be a way for them to kill off the competition in the longer term.

Sold all AI stocks I own. Also sold all my bitcoin just as the current downtrend was getting started. Gold miners is where its at for me currently. $$

I'm just a day trader. Still buying and selling stocks that have incorporated AI into their name as the general investment community has no clue about tech. My favourite was an American company that made tennis balls one day and woke up the next day as an AI firm. Stock went straight up and straight down. I manage a 40% gain.

That said, even the best AI firms have no future without huge advancements in power generation.

[Bluenose]

After a really good late September and the whole of October, November has reverted back to the average.

I am not having problems securing work but many others are really struggling.

[Fraidycat]

After a really good late September and the whole of October, November has reverted back to the average.

I am not having problems securing work but many others are really struggling.

And the promising spike up in the jobserve headline number is now back to what it was earlier this year.

40 months, this IT jobs market recession has now turned in to a depression.

With the perm market almost as bad as the contract market from what I can tell.