The US economy is struggling heavily. Population shrank for the first time in a long time that will reduce economic demand. The USD has gotten a lot weaker in the past few years. The regulatory environment is unpredictable and so risk being priced in is high. Every company is chasing scarcer and scarcer energy and chip resources. And then add on top irrational and constantly changing tariffs.

This causes companies to constantly review costs and look for ways to trim, which they're doing.