I think there genuinely isn't a correlation here. Big Internet tech has been close to saturation for a long time, we've been in a zero-interest-rate environmen

I think there genuinely isn't a correlation here. Big Internet tech has been close to saturation for a long time, we've been in a zero-interest-rate environment for a long time, and a lot of companies grossly overhired during COVID in the vain hope that the behavior changes were permanent. Shrinking the sector at this point is a natural response. GenAI finally showing potential for real value at the same time is not totally a coincidence; people who want high-yield investment opportunities need something to chase and it's natural to hype up whatever is available. Crypto was clearly on the downswing and GenAI was new and had potential. So of course the sector is going to get flooded with investment cash, both inside of companies and in the startup ecosystem.