Economy is slowing! Big Tech is priced like the party never ends, just look at these P/Es

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And no magic liquidity indicator or fancy theory will change that.

Major layoffs announced in 2025:
• UPS: 48,000 employees
• Amazon: up to 30,000 employees
• Intel: 24,000 employees
• Nestlé: 16,000 employees
• Accenture: 11,000 employees
• Ford: 11,000 employees
• Novo Nordisk: 9,000 employees
• Microsoft: 9,000 employees
• Chevron: 8,000 employees
• Estée Lauder: 7,000 employees
• Procter & Gamble: 7,000 employees
• PwC: 5,600 employees
• Salesforce: 4,000 employees
• US Cellular: 4,100 employees
• Meta: 3,600 employees
• Paramount: 3,000 employees
• Oracle: 3,000 employees
• ConocoPhillips: 3,000 employees
• Santander US: 2,000 employees
• Hewlett Packard: 2,000 employees
• Morgan Stanley: 2,000 employees
• Target: 1,800 employees
• Workday: 1,750 employees
• General Motors: 1,700 employees
• Dow Inc.: 1,500 employees
• Walmart: 1,500 employees
• Applied Materials: 1,444 employees
• Blue Origin: 1,400 employees
• Goldman Sachs: 1,395 employees
• Indeed and Glassdoor: 1,300 employees
• Starbucks: 1,100 employees
• International Paper Co.: 1,100 employees
• Kroger: 1,000 employees
• Spirit Airlines: 1,000 employees
• Block: 931 employees
• Wayfair: 730 employees
• Bridgestone Americas: 700 employees
• Chewy: 650 employees
• Blue Diamond Growers: 600 employees
• CrowdStrike: 500 employees
• Sarepta Therapeutics: 500 employees
• Chegg: 388 employees
• Portland General Electric: 330 employees
• Alaska Air/Hawaiian Airlines: 252 employees
• Cisco: 221 employees
• Tenneco: 140 employees

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