No large tech company contract actually says that, and if it did it would anyways be unenforceable. At most they can claim whatever you do on company time and using company resources. It's a myth that every side project you work on and every thought you have in the shower is automatically owned by your company.
Companies sometimes do require you to disclose the work that you do off the clock, but that's just so they can review it for conflicts. I have worked at multiple FAANGs and known lots of people who had side businesses or consulting gigs, all completely above board.
Companies sometimes do require you to disclose the work that you do off the clock, but that's just so they can review it for conflicts. I have worked at multiple FAANGs and known lots of people who had side businesses or consulting gigs, all completely above board.