Depends on which "big guys" you are on about. Likely, it's those who have recently IPO'd on VC money and depend on lots of moving parts and huge costs like cloud costs, logistics, travel and are also in specific domains which are waiting to be sherlocked by a FAAMNG company. The best of all:
It is those "tech" startups who generate little revenue and no profit, but take in VC money into their series D,E,F and G+ for years.
Ultimately, it comes to no surprise that layoffs from such startups would happen at this time since my so called "machine learning crystal ball" predicted this [0] anyway whilst ignoring other earlier vacuous predictions. FAAMNG and other profitable companies will survive this.
When I wrote "big guys" I meant Apple, Microsoft, Facebook, Google, Amazon. And I meant even those aren't safe due to the reasons mentioned in the GP, despite large cash buffers and generally excellent credit.
Many (most?) companies will survive, the question is in what form.
Correct. No-one's completely safe. But those companies you mention that are made up of the FAAMNG including Netflix are powering the majority of the internet services such as (AWS, GCP, Azure, Facebook Ads and Apple Services) which are used by many developers and startups. For some of them, this isn't even their main source of revenue generation.
It's the unsustainable VC funded, near-zero revenue, rapid growth and high costs burn rate so called 'tech' startups which some have IPO'd or some are still raising capital with no plan for a profit that will not survive.
It is those "tech" startups who generate little revenue and no profit, but take in VC money into their series D,E,F and G+ for years.
Ultimately, it comes to no surprise that layoffs from such startups would happen at this time since my so called "machine learning crystal ball" predicted this [0] anyway whilst ignoring other earlier vacuous predictions. FAAMNG and other profitable companies will survive this.
[0] https://news.ycombinator.com/item?id=21926473