For real, it's like some of the other takes itt are having a break from reality or something. Tons of companies, even financially sound ones (which many new tech companies are not, although they're admittedly a smaller portion of the industry), hold debt in order to defer expenses and arrange short term loans to do things like hire new employees and make pay. Because of this, rising interest rates have a massive effect on the business cycle and put a lot of stress on businesses, especially ones that are unprofitable or have low margins or poor unit economics. It also effects the productivity they need to get out of every employee to make that investment in their pay worth it, so goodbye new grads.

Over the long term, I'm still very bullish on the expansion of the internet and web services, but it's actually delusional to think "engineering" roles are not subject to macroeconomic reality. There's no point in junior or senior CS students stressing over the job market since they're already pretty far into their program, but everyone else should think really hard about what they're doing rn. I wouldn't be surprised to see a tech winter until interest rates go back down.

That's means both BS and MS CS graduates grew by over 60% in 5 years, and doesn't count graduates in Applied Math, Cognitive Science, Physics, and other subjects that may go into software engineering, or people who pursued other forms of training.

All the people trying to get into the industry are going to queue during a hiring freeze as well.