The battle for tech talent is entering a new phase—and the winners are likely to be the world’s biggest tech companies.

Apple, Amazon, AMZN 3.66%▲ Microsoft, Google and Facebook FB 1.83%▲ parent Meta Platforms have spent years battling for engineers and other skilled workers with each other and the rest of the tech landscape—including legions of cash-drunk startups dangling stock that might someday spell megawealth. Now, as the tech industry is hit by tumbling stock prices and recalibrated financial projections, companies large and small are slowing their hiring and even laying off workers. Even given these challenges, though, the giants now offer safe ports for workers seeking shelter from the gathering storm.