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@bq
Big tech overhired massively.
If you're making so much money so fast you haven't ever had to actually be any good at running a business, and you don't need someone but you don't want another tech firm to hire them instead, then you hire them to do almost nothing. Now those times are over (triggered by Musk I suppose) they are sacking them.
Having failed to invest in the next generation of silicon, Intel were fucked the moment the new Apple silicon Macs came out and made their chips look a generation out of date.