If I get the contention of the article right, big tech was so greedy that they hired lots of people they didn't need, and paid them tonnes of money. I feel like I'm massively misunderstanding either the submission, or the definition of greed.
This industry is cyclical -- I mean, most industries outside of the absolute core like healthcare are cyclical -- and there are booms and busts. Everyone hires when everyone else is hiring. Every holds steady when everyone else is holding steady.
But by far the hugest influence right now is AI, and it is having a calamitous impact on everything. There is this broad industry feeling right now that such massive shifts are not only coming, they're already underway, that there is a wait and see sense all over the place.