I think the industry will turn around eventually. I don't know when.
Interest rates will come back down at some point. Again, I don't know when.
New use cases for software and advanced tech will pop-up. These will be staffed by people laid off from other industries, companies and new grads.
AI/ML will obsolete some jobs and open new opportunities for others.
Things look bleak now but the industry moves in cycles.
One thing that doesn't sit well with me is companies raking in money AND laying off people. I guess if your competition is doing it, you have to do it to. That's capitalism for you. We have chosen to live and die by it.
Nobody knows nothing. We have to be at peace with quite a lot of uncertainty in the coming years and decades regarding our careers, environment and social structures.
What I would say is if you just keep at it I tend to think you will land a job sooner rather than later, and then you'll be able to postpone this existential crisis further down the road.