Especially given the strong economic numbers that just came out, yeah I don't buy the "bad macro climate" argument anymore. It's really plain as day: these CEOs make some cuts of 5-15%, their stock price goes up. This is a pattern we'll likely continue to see through this year.
Honestly, the tech industry was due for some churn from an employer perspective, and all this talent circulating is going to up the competition for company's products.
> Especially given the strong economic numbers that just came out, yeah I don't buy the "bad macro climate" argument anymore.
The US Federal Reserve literally says they are committed to bringing the US to a recession to curb inflation (if it is what it takes to do so). So while strong economic numbers are a "good thing", it just means the current numbers will keep getting worse until it's a recession. (Or the Fed will change course. Who knows.)
You should see people working in the financial industry right now. While there's one segment that's bearish and believes that the Fed will have to engineer a short recession to bring inflation under control, there's another, larger, stronger camp that believes we're in the end times for capitalism, and the endgame is to make money so cheap that everyone is paper rich.
There's an increasing atmosphere of bacchanalia in the markets - buy every dip, long every thing because they don't believe that the money can be unprinted and inflation thwarted. Might as well pump it up and make some money and hopefully, swing into some meaningful assets before it all comes crashing down.
Personally, I believe American capitalism is in the ICU right now. There's too much money in the system, and there's too much concern over the long-term viability of the USD as the reserve currency. All that money printing coupled with the war in Ukraine, American sanctions, and increasing refusal of the non-Nato countries to play ball with America (espcially China) means that the demand for all the USD printed is never going to be the same.
It's going to get very, very interesting in the coming couple of years.
Honestly, the tech industry was due for some churn from an employer perspective, and all this talent circulating is going to up the competition for company's products.