The first crash happened in 2000 not because most of the ideas were bad. But because enough potential customers weren’t on the internet.
Things didn’t recover until 2009-2010 when high speed internet was ubiquitous and more people started having computers in their pockets with high speed internet and the mobile app stores.
Between that time was the housing crash and the entire economy was in a free fall.
But, the Big Tech companies were hiring like crazy post COVID and it’s clear they don’t need that many workers. They definitely aren’t going to be doubling in head count over the next 10 years.
On the startup VC funding side, VCs only fund startups as a Ponzi scheme hoping they can either pawn their money losing startups on the public market - who has gotten wise to it - or via acquisitions and regulators are now much more leery of big acquisitions.
There are too many developers chasing too few jobs and with remote work, competition has gotten stiffer.
Just today someone posted on LinkedIn that they posted a job opening on LinkedIn, didn’t use Easy Apply, forced people to answer a questionnaire to slow down submissions and still got over 1000 applications in 3 hours.
AI is already removing the need to hire junior developers, slowly it will be good enough to lower the number of “senior” [sic] framework developers doing boilerplate.
Did I mention by hook or by crook, the federal government will be hiring less people and getting rid of employees and they will be flooding the market? All of those “dark matter developers” that were content with their government jobs are now going to be competing for private sector jobs