Part of this is related to how the 2017 tax law changed how companies can write off the costs of software development. Those rules didn’t kick in until 2022, which is when things started to get messy for the tech industry.

cooley.com/…/2023-09-25-irs-publishes-guidance-on…

As I understand it, the rule reverted in the most recent tax bill this year. Of course, that will take some time to kick in. We are also in a recession, which no one is acknowledging yet. So, may take some time to recover.