When I see people explaining recent mass layoffs as "CEOs going with the flow", it really seems the case for companies such as Microsoft, Amazon, Salesforce, etc. But Alphabet and Meta seems to be in a different class. Both have too many people to justify the number of services they have that generate profit. Although I can't see them disappear in the near future, it seems that they can work just fine with 1/3 of the headcount they have now, which is somewhat scaring for the IT job market in the next years.
What I think shows the big difference between the tech demos of the 80s and 90s and what happened today. The old tech demo days had the tension of the system not crashing during the demo. We have now entered a new era where a tech demo can fail through the loss of the actual demo device.