As we reported last night, Sequoia Capital has once again taken on the role of Silicon Valley soothsayer, releasing a 52-slide presentation on advice to startups, which it says face a “crucible moment” as the economy slows and central banks retract the monetary stimulus that kicked off the boom two years ago. In particular, the partners at Sequoia told founders to rethink how they consider layoffs: “Don’t view [cuts] as a negative, but as a way to conserve cash and run faster,” read one slide.

Startup founders have certainly been turning to pink slips to slash costs, as we chronicled here and here. Not surprisingly, many of the recent job cuts have been in highly capital-intensive subsectors—for example, Gopuff, Gorillas and Getir, which operate warehouses and pay couriers to deliver goods to customers quickly. But as revenue warnings like Snap’s add to the gloom over the tech industry’s outlook, they surely won’t be the last.