Job cuts in the technology industry will only get worse next year with the bursting of a bubble similar to the dot-com crash of 16 years ago, an analyst says.

“When you see the large companies laying off, that is an indication that the customer base is struggling,” Trip Chowdhry, analyst at Global Equities Research in Redwood Shores, Calif., told the IEEE Spectrum. “And the startups have the same set of enterprise customers as the bigger companies. The only thing protecting them now is that they have funding that takes them to the end of this year or the middle of next year, but by March or April it’s going to get very bloody.”

He predicted this year that major technology companies would cut 330,000 jobs as the industry shifted to mobile and cloud-based computing. That number was later revised upward to 369,000 as Intel Corp. started shedding jobs.

“The layoffs I predicted have been occurring,” he said. “They will always remain unemployed. Their skills will be obsolete.”

He says funding for startups is drying up, leaving companies with dim prospects for survival.

“The bubble will burst,” he said. “The impacts on the tech industry will last two years.”

Technology companies in the U.S. have shed about 63,000 jobs, outplacement consultancy Challenger, Gray & Christmas Inc. told Reuters in August.

Company, Announced Cuts

Cisco Systems Inc. 5,500
Intel Corp. 12,000
Dell Inc. 10,000 and more after EMC acquisition
HP Inc. 4,000
Apple Inc. 1,000*

*Includes employees from the company’s fledgling automotive group that reportedly were reassigned to other jobs.