Concretely speaking, the FAANG companies are all wildly slashing opex (us) for capex (data centers, TPUs) even as the capex costs skyrocket due to demand outstripping supply.
Programmers are usually capex to be honest, with current tax treatment. When companies switched from data center to cloud they ended up shifting a lot of their compute from capex (buying servers) to opex (paying a hyperscaler for compute by the hour).
Of course if you're in one of the five tech companies building datacenters rather than renting (MSFT, Google, Facebook, Amazon, Oracle) then things are different.
Of course if you're in one of the five tech companies building datacenters rather than renting (MSFT, Google, Facebook, Amazon, Oracle) then things are different.