- Layoffs would have happened anyway, natural cycle of shedding underperformers.
- the current crop of graduates have too little AI experience from their education, and too little practical experience to be useful in an industry re-arranging itself.
- the average developer quality (i.e. boot camps & curriculum) has dropped the value of "a developer" from a manager's perspective, up to the point that an average Actual Indian is competitive (even when accounting for the communication overhead/loss).
Combined, that shows fewer people on the books, which they'll obviously frame in the best light; i.e. frugal & good management + innovative AI.