Changing job for higher TC. Would it be better in long term

Hi everyone, It's getting crazy in Tech talents recruiting in Seattle. The situation encourages people to change their employer after 2 years or so for 30-50% higher TC. I am just wondering, what would be the professional accomplishment if ones just move so frequently? For the entry levels, that makes sense that you may grow enough after 2 years, but for more senior roles, do you think that is enough? For long term career development, would sticking with a job and achieving the professional goals are better than pursuing the big bucks every couple of years? I am amazed with a kid that used to be my intern. He joined MS, stayed there for roughly 2 years, moved to Google for 2 more years, and now just landed in FB with a TC almost 50% higher than mine. Absolutely no jealous but seriously, he is simply too ordinary. Are the employers that thirsty? About myself, 5 years at Amazon after 5 years in another tier-2 tech company. Joined as L5 and got promoted to L6 after 3 years. I am currently working in a big "L7 scope" project which may be rewarded as a promotion in a few years. However, my TC is just shy as 260K. Should I continue chasing the promotion or think about a move for a better salary? I am confident that I can get any offer around 350K if I really want to move, but will it be better in long term? Thanks