Despite the search for recurring revenue and predictability, the technology industry has a boom-bust-boom pattern to getting to long-term growth.
The latest tech valuation boom reached zenith in 2021 and led to companies spending way more than normal on a bunch of things. As valuations have reset in 2022 and 2023 to normal levels, it is no longer possible to finance this higher than normal spending in a sensible way and companies need to reset how they operate.
This operational/financial reset is what I see is happening. Innovation and technology-wise I think the world is looking more interesting today, than during the last few years.