We're just beginning to experience a shuffling of the top companies. Remember FAANG? Just look at how bad the products are these companies churn out. Google search is a degraded experience, Apple released vision pro, and the N for Netflix should probably be N for Nvidia.
It makes sense that the larger and mid-sized players are indecisive and taking things slow, the status quo is working out great for them. Why change it up? You're not innovating anymore, that was long ago extinguished by the bureaucracy that inevitably comes with a large organization. The easiest way to increase profits is to reduce payroll.
However, there is going to be a lot of smaller companies that will quickly start eating the lunch of the larger companies in terms of hiring. They're going to be able to move fast and hire quick while the labor pool is oversaturated. This is a growing pain that happens during these times of reshuffling. We'll see amazing new companies that will make FAANG orgs look like Sears Holdings. This cycle has happened since before you entered the labor market and will continue long after you retire.