Layoffs make sense if you need to extend runway past the current economic climate (valuations are down and it could be very painful to raise now). Basically if it's make or break.
That doesn't describe the big tech companies who will certainly suffer greater than 10% lost productivity and opportunity cost and could easily weather a long down trend.
Weathering the trend only really makes sense when you know there is growth on the other side. Maybe a lot of these companies grew to accommodate the explosive growth caused by working from home and they are no longer certain they really need the extra workforce in the coming few years?
That doesn't describe the big tech companies who will certainly suffer greater than 10% lost productivity and opportunity cost and could easily weather a long down trend.