I also wonder where the widespread sentiment is coming from. Everybody had been expecting a recession on the basis of prediction markers like inverted yield cur

I also wonder where the widespread sentiment is coming from. Everybody had been expecting a recession on the basis of prediction markers like inverted yield curves and because it's historically due. That being said, no actual economic markers are actually pointing at one. Lots of companies are using this and layoffs at other companies as an excuse to cut down their work force, which they (uncommonly) hadn't done for years (which might mean never for young companies). My guess is also that this is more acceptable to share holders because it allows companies to put some money in the bank in case a recession actually arrives. Being transparent about this would be more honest than blaming it on "tough macroeconomic environment". At least severance packages look pretty neat and there's lots of jobs out there still for software people. Hiring is getting a little easier for smaller companies too.