The End of Silicon Valley’s 20-Year Boom

The last month has seen a bunch of big technology companies—including Meta, Twitter, Lyft, Salesforce, Microsoft, and Stripe—announce layoffs. Now the New York Times is reporting that Amazon is preparing to lay off about 10,000 workers in its corporate offices.

These tech-industry job cuts have come in the face of new data showing that hiring in the broader economy remained strong in October. Companies added 261,000 workers, beating analysts’ expectations. So it looks like Silicon Valley is tightening its belt more than other industries.

I suspect this reflects a significant change in the economics of the sector. For the...