We are living in a post-Covid world. All of the money losing companies are laying off people leaving the FAANGMs that have a real business model and making money the only companies hiring at inflated salaries. Now you have both increased supply because they are expanding outside of the west coast and more “smart people” (tm) who spent years at the leetCode alter looking for jobs. You also have reduced demand with VCs not willing to throw good money after bad anymore.