Google are a mature corporation. The fact they managed to innovate for so long is really a huge achievement but nothing lasts forever. The same applies to the rest of FAANG one way or another. Netflix cannot innovate out of streaming tv and movies, and now face strong competition from others. Apple has always been more about marketing than real breakthrough tech innovation and the bits of real innovation they did do left with Jobs. Amazon has flopped most of it's recent attempts (again, respects for running BOTH the worlds best retail company AND AWS). Facebook has been flailing around doing crypto currency and VR and getting nowhere. Microsoft haven't innovated since Excel FFS. Coke at least has the occasional new flavour...
I'm not "blaming" them, it's the cycle of life. Gravity eventually wins.
This is also a key reason for all the layoffs: Growing, innovating companies cannot ONBOARD staff fast enough, because their value is decided by how big they will be in the future and how fast they can get there. People are a profit centre. But mature companies' (in mature industries) only source of increased value is in efficiency, getting the same revenues with less costs. So people are a cost centre and they succeed by showing they're efficient (aka laying off workers).