Is there any data to support your theory? Because most of the companies at the top of the S&P 500 have enormous cash (and equivalent) reserves. It makes sense

Is there any data to support your theory? Because most of the companies at the top of the S&P 500 have enormous cash (and equivalent) reserves. It makes sense to burn reserves and keep good employees around through a temporary cyclical economic downturn. But most of the large layoffs lately have been driven by secular changes that management expects to be permanent.