Keep in mind it's hard to have a recession when unemployment is in the 3s, and there is still high demand for products and services across the economy. But I guess if we really want to have a recession we can.
The transitional period when the current next big thing you previously invested in is not delivering and has been replaced by a new and shiny next big thing with higher predicted returns.
Expect the pain in tech to get worse, much worse, before it gets better.
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PS. Facebook is on round 2 of layoffs.
Not quite yet, but certainly by mid-April.
The rest of the economy appears to be doing just fine.
Since tech has had many years of growth while the rest of the economy has suffered don't expect much sympathy for laid-off tech workers.
No. The layoffs are really just in tech, and a fairly specific subset of tech companies at that. They are happening as a result of poor hiring decisions those companies made (hiring too many people).