For this May (2023) - impact in high tech maybe a bit less, as many companies gave offers before December. For the next cohort that comes out May 2024 - it could be tough - most of those new grad positions typically advertise in Aug-Sept, based on current situation it looks like the number of positions could be much less than in previous years.
(fyi this year intern cycle has been really tough - yes, companies did took interns but in much smaller numbers and with a lot of delay in decisions)