Because of stock appreciation, they'd need to pay up to 10x what the other company is already paying. Consider a senior SWE at e.g. NVIDIA making $300k, let's

Because of stock appreciation, they'd need to pay up to 10x what the other company is already paying. Consider a senior SWE at e.g. NVIDIA making $300k, let's say halfsies split between base and RSU. The $150k RSU grant from a few years ago that still hasn't fully vested is worth $1M now. So even for a 50% increase in nominal total comp, it doesn't make financial sense to switch. I don't know that anyone can afford to pay their engineers 10x more than the competition, and then also offer a cheaper product with thinner margins.