I hope the 3-5 emails a week from recruiters hiring for Amazon will stop then.

In 2008, Goldman Sachs had their M&A department come in as usual, working on deals all day. They didn't close a single deal in over a year. (This is hearsay, btw)

So with that being the only anecdotal data point I have, the emails won't stop until the recruiters become fewer.

I imagine that FAANGs are sensitive to offering higher and higher proportions of equity pools to keep up with total comp expectations.

I imagine FAANGs will mostly let RSU compensation drift downward as the stock market does.

It will for unvested past grants. New future grants are named in $ not shares, so have to be explicit.

My grants were named in shares.

You don’t have to imagine it. Amazon publicly said as much and I believe Microsoft made a similar announcement.

There are also recently IPO'd companies that are dependent on share dilution. This was in the Wallstreet Journal today.

Mind sharing a link to that article?

I can tell you two of the BigTech companies that are definitely not slowing down - at least in their cloud divisions.