There's micro-scale reasons for why particular firms aren't affected by this, but that gets into the weeds of particular companies' roadmaps and balance sheets.

The macro-scale of 2010-2020 was 'growth, growth, growth', the macro-scale of 2020-2022 was 'hire, hire, hire', and the macro-scale of 2023 and 2024 is 'freezes, layoffs, cuts'.