There seems to be significant opportunity to zig as others zag. Imagine the Intel letter saying "we are going to take advantage of the current hiring environment to scoop up talent, and push forward on initiatives."
The problem is that multiple layoffs are terrible for morale and basically obliterate the motivation and mood of the remaining workers.
Reorgs are another common pattern of incompetent management that introduce chaos without bringing net positive value.
This is similar shit that happened in the '80's, '90's, and '00s and was captured culturally by Dilbert and Office Space.
Those who ignore the lessons of the past will make history rhyme once again.