There is an alternate viewpoint which says much of the current tech layoff wave is a market correction resulting from accelerated hiring during the Covid tech b

There is an alternate viewpoint which says much of the current tech layoff wave is a market correction resulting from accelerated hiring during the Covid tech boom which turned out to be a bubble vs the 'new normal'. I've seen data indicating many tech companies who've done layoffs are still at slightly higher staffing than they were when Covid began (~Q1 2020). I haven't looked deeply into the data myself but it seems worth keeping in mind as context.