I am happy to believe that "tech companies overhired in 2022 and are cutting back; and this explains weak labor markets not AI." But, under q theory; why would that happen? Valuations are exploding. Shouldn't tech firms be hiring more?

One idea is — the Fed hiking cycle turned around hiring markets. I'm sympathetic to that. But from ~October 2022 onward, markets have rallied. Why aren't tech companies hiring into the growth?