Probably a mix of both. There's a gigantic amount of costs (and debt) piling up for many companies without anything to show for it when it comes to generating revenue.

But for sure a lot of businesses are getting disrupted - Adobe and now Google are good examples. Just that Google has quite a lot of areas where it shouldn't be so bad - Android, Youtube, mail & storage, cloud. And AI lets them reduce headcounts which is a very big cost.