A reason that I can think of is it's a result of the hiring that happened during COVID. First you had Amazon saying they were going on a massive hiring spree.

A reason that I can think of is it's a result of the hiring that happened during COVID. First you had Amazon saying they were going on a massive hiring spree. The other tech companies (except for Apple it seems) said to themselves, "Oh no! They're going to snap up all the talent!" so they ramped up their hiring too. Interest rates were at record lows so there was a lot of available money and nobody (except for the scientists) knew how long this COVID thing would last. These companies are used to short-term thinking because they're public companies and the public markets won't think further than six months from now. Now that interest rates are back up to where they were 20 years ago, and Amazon has gone through a few rounds of layoffs, the rest of the industry is doing some belt tightening as well. I predict several of these companies will be a shell of themselves in 10-15 years for this and many other reasons.