A few hundred losing their jobs is kinda misrepresenting the situation isn't it. If you keep seeing each company by itself in terms of firings but then group the market as a whole in terms of people with money in the market.
It's either a few thousand with money in the company vs the people fired from that company... Or the market vs all people fired in the market during these waves.
Plus.. when you are one of the fired people the impact can be deeply impactful, in the US even as far as having no health insurance. While less profit does not have such an impact.
Defense industry will make this happen if it's viable. War industry drives much of this. So we will see