Since the summer, mass layoffs have been ravaging the tech industry. The rapid hiring practices of the tech industry since the pandemic were unsustainable and share some similarities with the dot-com bubble in the early 2000s. However, this downturn has also been causing an interesting reshaping of the tech industry as laid off workers have been relocating to new sectors like cloud storage, electric vehicles, and cyber security. Some former big tech employees have even begun to take jobs in less conventional tech spaces, as the definition of working in tech has been widened by the prevalence of companies' apps and websites.
See "Mass layoffs in the tech industry causing workers explore a wider definition of tech careers", Brian Contreras and Jaimie Ding, Los Angeles Times, January 24, 2023