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It sure looks like during the ZIRP era, tech substantially overhired. Post-ZIRP companies are correcting that (but under the guise of AI).

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To save some a search: Zero Interest-Rate Policy

Thanks you. Not sure what an acronym was needed for that

It's a term that's been used in financial literature for a while.

https://en.wikipedia.org/wiki/Zero_interest-rate_policy

> Zero interest-rate policy (ZIRP) is a macroeconomic concept describing conditions with a very low nominal interest rate, such as those in contemporary Japan and in the United States from December 2008 through December 2015 and again from March 2020 until March 2022 amid the COVID-19 pandemic.

An article from 2008 https://www.federalreserve.gov/monetarypolicy/files/fomc2008... (ZIRP is used 11 times in the document).

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