No. The biggest layoffs are happening at companies that need to free up additional capex for infrastructure buildout, because they're not getting ROI from their existing capex, and they're having trouble finding more money.

That's a good point.

Layoffs are also happening at normal companies which want to compensate their AI spending.

Bingo: AI will probably take your job, just not in the way people normally mean that

With big technological shifts like this, it's important to keep in mind that the ability to do more with less resources can pan out in two different ways: (1) Keep doing what you're already doing, and lay off the people you no longer need, or (2) Do more than you did with the same amount of resources.

The answer depends on the company, but I think many companies are still figuring out whether and how they can exercise this new capacity. We don't know where it will land yet at a societal level. It's a parameter shift, and it will take some time. Pray that you live in a place with sensible labor laws and safety nets.