my pet conspiracy theory is that they have realized the productivity gains they can get by using chatgpt/llama/bard like ai's and upcoming recession have given them apt reason to reduce workforce without loss of productivity.
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I think these companies would sell a product to do this ^ long before they actually took advantage of it themselves.
Incorrect. What happened was a mentality of "country club open bar tab" similar to dotcom times: over-hire without a business reason and skipping budgeting.
When cash dried up, the music stopped and it became a game of musical chairs.