They are not stupid at all. Their interests are in conflict with the interests of tech workers and they are winning effortlessly, over and over again.

The big tech companies are all owned by the same people. If these layoffs cause google to lose market share to another company, it's fine because they own that company too.

What matters is coordinating regular layoffs across the whole industry to reduce labour costs. It's the same principle as a strike: if the whole industry does layoffs, workers gradually have to accept lower salaries. In other words, the employers are unionised and the employees are not.

This process will probably continue for the next 20 years, until tech workers have low salaries and no job security. It has happened to countless industries before, and I doubt we are special.

I'm sure the next big industries will be technology-focused, but that's not the same as "tech". They won't involve people being paid $200k to write websites in ruby.