Why is the tech layoffs called the Great Reset?

Meta, Amazon, Twitter, and many other companies have seen layoffs like never before. What exactly happened in the Silicon Valley?

Background

Recently all over the news we have been seeing instances of layoffs by some of the largest technology corporations in the world. There has been a decline in growth in the overall global economy due to a variety of factors, including the pandemic and the war in Ukraine. The effects of the different integrated supply chains and economy all over the world has also given rise to inflation. Governments of different countries are trying their best to curb inflation and facing the increasing price of different products including food, goods and services. Many people are terming this period of tech layoffs as the Great Reset after the pandemic boom.