@jerry since I have a foot in both worlds (IT/Finance), a lot of it has to do with high interest rates making capex investment more expensive, the same force squeezing Silicon Valley at the moment. It was super cheap for a long time to plow tons of money into long term strategic bets (almost always IT adjacent) and it isn’t anymore. I would look for it to return back to normal as the fed cuts rates later this year.

(For the record, not defending this practice, just sharing what I’ve seen)