> They'll probably play it safe and not make any investment at all. Wait it out.

Yes, but they will fire many workers in the interim to save costs, and put more load on those who remain. That's happening now across many industries, including tech. That doesn't require much capital, just a transfer of time/energy from (now fearful) workers to corporations.

We are already seeing billionaire execs extolling the virtues of 60 hr workweeks and the rise of "996" culture. Labor is getting squeezed.