Good, the market can and will soak up the excess talent.
Unlike the Xoogler waves of people who wanted a new challenge and spread Google techniques and philosophies all across the industry, many of the people laid off are going to be the ones who don't produce anything at all.
It might be hard for them to find work; or maybe it will be easy because of a halo effect but those who hire them will go on to regret it.
The upshot of this is a belief that 'we have tech' when we don't. It is a dangerous illusion.
Genuinely curious: what are the companies that are doing research of value?