I think this is both the over-hiring effect from the last few years and a small bubble bursting from the rush to get on the AI train that a lot of companies have been on lately (Causing over spending in order to "grow" faster). Also I think that at this point if someone worked for a company in the last 3 years the burnout is crazy and the productivity is getting lower so this kind of layoff can be a way to shake up the trees a little bit and make other employees "Wake up"