Other commenters are corect: you are a cog in a machine. You are replaceable. Many people in tech have for too long fallen for the delusion that, as an engineer (or just in tech in general), you are somehow immune to this, that the company does care about you.

All of these big tech companies have never not been insanely profitable. These layoffs aren't necessary for the survival of the business. They're simply suppressing labor costs by cutting 5% of the employees, pushing their duties on the remaining 95% (for no additonal pay of course) and the 95% aren't asking for raises if they fear losing their jobs. It's permanent layoff culture.

Google, Meta, Microsoft, etc all have a ton of inertia, just like IBM did. And that's their future. They are sowing the seeds of their own destruction with short-term profit-seeking. These companies are nothing without the employees that sustain them.