Even without controlling for profits (or lack of) and unstable leadership, it seemed obvious that many "tech giants" over-hired when they could get cheap money. When someone fresh out of school with no experience can get hired for $200k at a playground-like environment I interpret that as a red flag, not a new normal. Maybe because I have been through these downturns and layoff waves before. The big-spending tech giants and startups of dubious value now have to appease their shareholders and investors, an inevitability that no one seemed too worried about as long as the low-interest cash firehose kept spewing.