Tech overhired for many years, in part because higher head count leads to higher stock market valuation (at least in the eyes of gullible investors). Meanwhile

Tech overhired for many years, in part because higher head count leads to higher stock market valuation (at least in the eyes of gullible investors). Meanwhile, more than a decade of this hiring extravaganza had passed already, and tech largely doesn't have much to show for it - mostly a graveyard of failed and cancelled projects and products. Perhaps the charade is no longer bought by investors, and they don't see tech stocks as super high growth any more, so companies can stop pretending to innovate via bullshit projects that mostly go nowhere, and cut a significant portion of the staff.