In the US I think it’s may be driven more by r&d cost amortization changes since 2023. It’s attributed to AI but I believe tax implications are to blame as well apart from interest rates and the covid hiring.
Hopefully that will be fixed this year, or tech layoffs and outsourcing in the US will pick up pace. Without the R&D write off, each dev in the US is a massive financial black hole vs hiring outside the US.