Low-growth FAANG vs. High-growth Startups

I'm a FAANG employee and I believe high growth days are over. Layoffs and cost cutting are taking the fun out of these big tech conglomerates, making it not just hard to grow career-wise, but less entertaining too.

It seems that startup growth however is accelerating at much larger pace. Lots of companies got easy money and are hiring. What's the catch? Is this a bubble about to pop? Why aren't FAANG employees switching more aggressively?