I’m seeing the opposite at PE-backed firms. Blackstone, for instance, have been firing anyone who costs anything, and moving every technical role to the lowest bidder. I’ve watched the entire technical and leadership teams for businesses get fired this year, and replaced with $10/hr coders.

It’s going to make them look rosy for the next few Qs while everyone else haemorrhages cash. Long term, not so much, but the long term isn’t important to the market.