This is gonna be bumpy. Almost every (profitable) software company I know has used R&D tax deductions heavily. It's like the one fiduciarily clever thing you can do as a software company. First page of the easy-financial-wins playbook.
So yeah. This is gonna have big splash.
A thing that is causing huge pain at many tech companies in the US - with little talk about it:
An IRS tax code change in Section 174. This change eliminates the ability for businesses to deduct R&D as an expense.
Hear of lots of layoffs directly because of this, as a start.