The good times in tech are over

The good times in tech are over. In the past decade, being a software engineer was fun with lots of perks and job security. However, this changed two years ago when interest rates increased, making it less feasible for companies to hire or throw money at engineers. This change in incentives led to layoffs and a shift away from pampering engineers. The author believes COVID-19 was a short-term factor contributing to the initial layoffs but not the root cause. They also dismiss AI as the cause of layoffs. Instead, the author attributes the vibe shift to companies' newfound focus on profitability over growth and their desire to prioritize a smaller set of initiatives.