Ask HN: Are you concerned about supply/demand dynamics in Silicon Valley?

With high valuations unsupported by mediocre (or nonexistent) profitability, there have been a number of nontrivial, public engineering layoffs, most recently at Uber and WeWork. Do you think the Silicon Valley labor market is about to get re-priced in a significant way? Does anyone view this as a potential watershed moment, if no, why?

(I'm interested in engineering/eng-adjacent fields specifically, but happy to broaden the conversation to other roles)