A fair number will leave the industry

This isn't controversial and it happened in the dot-com bubble aftermath

For many, they were never deeply committed to IT anyway and were only following good/easy-to-attain positions

For some, they had bills to pay and couldn't afford to wait things out

The most interesting class of workers in this round are the (former) FAANG cohort of overcompensated middle-performers. These people were gut-punched by their layoffs, and they will be gut-punched again when they see future offers that may be 50% of what they were making before. HN isn't receptive to these types of observations so it will likely just have to sink in over time...the days of coding React for two hours a day and pulling in total comp of $400k are probably gone forever.