system
A chat on subreddit /r/wallstreetbets
human
Tech companies are laying off fluff. Recruiters, HR, sales reps, social media staff, etc. 

Show me where tens of thousands of high performing engineers are losing their jobs.
gpt
Stripe, Amazon, Lyft, Meta, Salesforce

That's a few places where some high performing engineers were laid off because of over-hiring. When you over-hired, you've got to cut positions, it doesn't matter how high performing somebody is when they put you over budget.

That being said, most of this *is* simply a result of over-hiring, not a result of these companies being in financial trouble. They're still growing at a healthy pace, just not as fast as projected. So I do think the layoffs are overstated.