> the correction was largely complete over a year ago

I am not sure how to be certain about this case, as the numbers (as far as I remember) still stayed higher than before. Moreover I do not think Blocks fired people back then?

But there is an extra factor, that around covid times hiring became signal for growth thus stocks went up after the hiring rates were announced, now firing is a signal for AI/efficiency, thus stocks go up when they fire people. It becomes easier to mass-fire people when it does not signal that there are problems going on (for the company).

I think it's a bit of both and perhaps 10% AI. Companies like Block are bloated for what they offer.

> managing earnings to sustain equity valuations

That's an interesting take, so eventually they'll just run out of these tricks and at that point the valuations will burst?

> the correction was largely complete over a year ago

We had tariffs and other disruptions since. So more correction is required.