A strong Israeli shekel is reportedly reducing revenues for the country's high-tech industry, with the rise of AI also reshaping the sector.

The Israeli shekel has strengthened significantly against the US dollar, with the dollar falling below three shekels for the first time in over 30 years. This surge in the national currency also coincides with a decline in Israel's annual inflation rate.

Wix is undergoing a significant restructuring, resulting in the layoff of approximately 1,000 employees, or 20% of its workforce. CEO Avishai Abrahami stated the decision was necessary due to the strengthening Israeli shekel and rapid advancements in AI capabilities.

The strengthening of the Israeli shekel is creating financial challenges for Americans who are building lives in Israel.