Well said. Also, for more sales/ops-heavy companies, their sales teams are likely getting killed on reups, revenue/unit projections are cut, meaning that both

Well said. Also, for more sales/ops-heavy companies, their sales teams are likely getting killed on reups, revenue/unit projections are cut, meaning that both their sales/ops teams are overbuilt purely because the customer base themselves is cutting costs. This is how disinflation works really, and is what the Fed is trying to make us all do. The rate cuts increase a company's cost of capital (effectively the interest rate, fundraising environment, etc.) which then increases their "hurdle rate" - ie the ROI a project needs to have in order to be justified, and (in an explicit / implicit sense) the marginally low ROI projects, people, etc. are then not justified.