The way I see it, there are two fundamental very different but conflated drivers of high tech salaries. 1) Software companies are enormously profitable per emp

The way I see it, there are two fundamental very different but conflated drivers of high tech salaries. 1) Software companies are enormously profitable per employee, because of zero duplication- and low scaling- costs. Consequently, companies with high total customer counts can afford high compensation. 2) New software companies often have extremely high growth, which makes them attractive to capital, which overvalues their shares (relative to other businesses and pre- and post-IPO), which allows them to cheaply (for them) boost compensation. I'd expect companies in the first bucket to continue paying high salaries (aka MAMAA), but monetary policy has severely cut the second bucket's ability to do so. Consequently, lower salary increase pressure across the board.