Software engineering job openings hit five-year low?
https://blog.pragmaticengineer.com/software-engineer-jobs-five-year-low/The easiest explanation for the whole chart is "Software dev is more reactive to the monetary policy environment than most other industries, because more of it is funded by new capital investment -- whether VC money or otherwise -- instead of ongoing operations of stable firms compared to most other industries."
Trying to add other explanations is fun, but there's not a lot of evidence for any of them, or even that more explanations are needed.
Sec 175 especially hurt small to mid-size tech companies (especially fast growing ones...) which I imagine amplified the problem across the board.
You mean the change from deductible as a current expense to five-year amortization under changes to Sec 174? In an easy money situation, the way it increases tax liability in year one while decreasing in year 2-5 is not a big deal, it becomes more of an issue as the cost of financing goes up, so the main effect is to increase the already-high sensitivity of software development to tightening credit.
... to begin the loop again
Just think how much the investor narrative has shifted from early 2020s. Back then everyone talked about the business areas they were expanding into using tech. Now, investors get hyped up when you do the same thing, at lower cost. Less about growth, more about predictability. Which makes sense. Do investors view Amazon as a high tech company (as in 2020 and before) or a predictable business? dare I say utility?
It explains layoffs, forced RTO, etc. They simply don’t care if even their best leave. Their MBA executives know optimization/keeping the lights on - and less about innovation.