My hot take is any executive who cannot think up of meaningful projects for some of the world's top engineering and research talent should be let go for lack of imagination, if nothing else.
Hiring people is expensive, building infrastructure is expensive, large organizations should be able to make use of that talent.
Even if it means spinning teams off in to separate companies and then "acquiring" them back later (with huge handsome payouts for the team) Microsoft used to do that all the time! It works well, instant funding with startup energy, and everyone is motivated to succeed because you get rich if you pull it off!
Google should figure out their inefficiencies, violently work to solve them so that developer productivity is increased, and then make smaller independent teams that can build on existing infrastructure that empowers teams to get things done faster.
Instead they are just laying people off.
TBF very few large organizations (if any) have figured out how to maintain productivity as they grow. Communication and political overhead becomes so high that large organizations grind to a halt.