I'm wondering if pay raises are also bifurcated?

Spent most of my career in big crufty non-tech companies where the majority of SWEs probably work. Mainly in the finance sector - investment banks, insurance companies, and non-elite hedge funds. The raises were trivial that I didn't even look forward to them or account for them in any major personal finance planning.

Recently switched to a FAANGMULA type company. Haven't even been there a full year yet, but my year end raise was astronomical. In fact, the raise I got for this year from this company is probably bigger than all of the raises I've gotten in 10+ years working for non-tech companies combined.

My friend who also jumped ship from an investment bank to a similar top tech company reported the same.

Is this normal?