In the latest sign that the tech sector in general and Silicon Valley in particular is feeling the pinch of reduced spending and an overall slowdown, yet another big employer slashed its workforce. The New York Times reports that Advanced Micro Devices said it would cut about 1,650 workers.

Venture funds shell out millions based on the brainpower of a startup which occupies a tiny cubicle in Palo Alto or Sunnyvale. But it seems the good times are over, and the current is flowing the other way now, with workers deserting Silicon Valley startups and moving to big companies who can easily withstand a downturn, or another crash.