I'm sorry, but this makes absolutely no sense at all. P/E or corrections have absolutely nothing to do with it. Salaries are paid from revenue, not from profits, and their revenues have been growing for years. They don't need to pay engineers in stock options.
This is about priorities and execution. Getting 10 engineers to focus on an obvious multi-billion dollar opportunity that leverages existing investments is not "throwing your weight around". It's basic management competence.
And it's interesting work. I don't believe that engineers need low P/Es as an incentive to work on a key part of AI infrastructure that only very few people get to work on.