This doesn't explain the whole story because 1) despite the accusations of "overtiring", none of these companies actually have decreased headcount over the last

This doesn't explain the whole story because 1) despite the accusations of "overtiring", none of these companies actually have decreased headcount over the last 5-6 years. They have all grown, though perhaps not in North America. 2) LLM's have not been shown to significantly replace current work as of 2026. The most optimistic projects is that it could do maybe 5% of current jobs. That doesn't match the current death in hiring and mass layoffs.