Most of the hiring done in the last 5 years was the so called "pandemic boom". Even though we already saw a lot of job shedding in 23, 24, 25, the number of jobs created during the pandemic still eclipses these numbers. I think a lot can be read into on the CEO that "removed the HR team" to solve problems they created.
I'll say this though, over time the number of developers companies will need will be dipping.