>But that cost-cutting focus is going to lead to stagnation and self-cannibalization. Somebody’s going to buck the trend, have a splashy success, and the herd will trample back in the other direction.

Yes. But sadly, the market can stay irrational longer than you can stay solvent.

And I feel there's going to be a huge storm to survive first. I imagine many may not even make it to the next shift.