Interest rates are lower than they have been for most of my life, and close to the average interest rate over the last 700 years.
https://bankunderground.co.uk/2017/11/06/guest-post-global-r...
People have simply gotten used to governments in the last twenty years trying to juice their economies by dropping interest rates more and more.
But many tech companies hired aggressively when interest rates were super low.
Now that rates are higher than in these last 5 years it does makes sense they want to cut costs, and layoffs are one way to do that. It reflects well on EBITDA.
You know, even if they say it's because of AI you can't ignore this change in the last 10 years despite interest rates still being lower than they were your entire life.
It was a significant change in the landscape and especially how investments were made in tech companies.
I hope this helped you understand the previous comment.