I think there's a lot of cognitive dissonance for tech employees partially because tech thrived in the 2008 crisis. Investors looking to make high risk/reward investments had no where else to go but SV. If you aren't old enough to remember the dot-com boom it's understandable you might feel tech is invincible.

Tech will not be insulated from this and in general I think we'll see a major contraction of the tech labour force. There are so many non-tech companies that want in on the VC and other investor money so they are rapidly building out expensive tech teams to create illusion that they are the next tech giant.

Not to mention the other weakness in tech: RSUs as the main factor of total comp. If the market continues to drop, especially if it hits hards, a huge number of SV workers will be getting automatic pay cuts due to rapidly decreased values in RSU. A lot of expensive real estate in SV is paid for by RSUs.

This crisis is going to be insane.