The FAANG salaries are high, the demand is for cheap software engineers. Software, phones, the web, and crypto are not going away. If anything everything runs on software, just look at the cars renting features like seat heaters. The 300K-600K FAANG salaries have never been sustainable, but SEs should be getting paid crap either (like after the dot com bubble). Getting a job at a big company will be very difficult next year, but don't think of getting a job there rather work on something new or even abroad if you are in the US. A missile will not fly straight without software, and a car will never drive by itself either.