America's recessions are global recessions.

Sadly yes - "When America sneezes, the World catches cold"

Enough of the tech industry is America-based that a US recession is enough to do much more than nudge the trend of "all things code". Much as I would prefer that it were not so.

The last US recession that didn't also pull in the rest of the western world was in 1982, over 40 years ago. Western Europe, Aus, NZ, Canada, and the US all largely rise and sink on the same tides, with differences measured in degrees.

If that “one country” is the US and not, say, Burkina Faso, it is a major impact on financing, and software has an unusually high share of positions dependent on speculative investment for future return rather than directly related to current operations.