Indeed - it really began in late November, 2021. We hit a peak then and we also started to see some of the highest flyers begin to taper off and come down. The

Indeed - it really began in late November, 2021. We hit a peak then and we also started to see some of the highest flyers begin to taper off and come down. The not as darling names were first. By early 2022 we started to see the entire segment draw down and it accelerated into Q2 of 2022. The flimsiest startups that weren't generating revenue yet were the canary as they were the first to start doing layoffs in May, June, and July of 2022. As the industry came to realize that the Fed was intent on raising rates, the middle and bigger players started to plan scale downs. Q3 saw revenues starting to slip and Q4 was a bloodbath for revenues. Just about everyone seemed to cut 10%-20%. Q1 of 2023 has stabilized a bit and began with a market rally, but it could just be a dead cat bounce on the path to lower lows as the year goes on. Seeing SVB implode suddenly is ominous not so much because of them, but what it means for the industry right now. I was hoping that we maybe hit the trough in Q4 of 2022 but it would appear this year will be bleak and I sadly suspect we'll be seeing more layoffs in the second half of this year if the first half continues to miss. I hope I'm wrong. We are about at the point where a bear market ends (around 9 months) but that's just an average. We could very well have quite a few more months or even the entire year and into next year ahead. High flying tech has been in a bear market now for over a year, although it probably needed a correction.