Generally in the dot.com bust you woke up to discover that your contract wasn’t worth the paper it was notionally written on because your future employer had just gone bankrupt.

This wave of redundancies is a choice made by the managements of the FAANG (excepting Apple?) & related companies: Google in particular has spent more in share buybacks this year than it would take to employ the people management laid off for decades to come if I understand the numbers correctly.