It is the time of year when the traditional rank and yank occurs - those are usually not layoff but termination. I would also imagine anything not aligned to Azure may take a beating. In addition, if you are 'long in level' aka over 50 then you can expect a hastily arranged 1:1 with HR.
The sad part is the increased cost of housing, proper tax, having kids later in life, smaller stock grants and bonuses etc mean that life in software may not even last long enough to pay off all the debt, let alone save enough for the forced 'retirement' in favor of a 'recent grad'. Live life frugally and you may make it to the sunlit uplands....
Bumped from @Pwu9CoH-3qjb for being completely on point. Unfortunately.