This is anecdotal, but whenever I read details about layoffs at FAANG companies ("$foo people were fired from the $bar team"), I'm shocked by the headcounts.

I get it, developing and supporting some feature at a company like Google requires more people (both in engineering and elsewhere) than if you banged out a prototype of something similar at a startup. But I've read stories where hundreds or thousands of employees were laid off, and they were all working on some small service (or even an obscure feature of that service) that never had a chance of moving the needle for the company and offsetting their costs.

I'm sure most of those employees were hard-working, motivated, and tried to build the best product possible, but there are no other companies on earth that would pay that many people top-of-market salaries to work on anything that isn't existential to the company. Other companies would simply go out of business if they operated this way, but in big tech companies, this is lost in the noise when times are good. But when things slow down, big tech companies start to pay very close attention to this.