One factor I haven’t seen mentioned is that because of rising interest rates, tech companies have had to shift from being focused on growth to actually turning a profit. Because of this, companies are having to shed employees because they over hired in anticipation of that continued growth. People are expensive so that’s an “easy” way to try to get the line closer to positive.
This is kind of a rough overview and I’m by no means an expert on economics. Just someone who works in tech and so has been following things closely.
For the past month or so it’s been SPECIALZ by King Gnu. AKA the fourth OP of Jujutsu Kaisen.