Tech companies especially in Silicon Valley are ridiculously overstaffed which is why we saw so many vids from employees talking about going to yoga class after eating free food provided by the company. Silicon Valley is the only place where you can find top engineers making $500k asking junior employees venmo them $20 for lunch.

EDIT: Interest rates going up is going to give a lot of the companies a reality check that they have to get profits soon instead of living off VC money.