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Doesn't seem that way to me. pg has been saying much the same things for years—e.g. this essay is obviously a continuation of http://paulgraham.com/pinch.html, and that one continued from others I'm too lazy to look up. Sam has been saying the same thing about hiring for years. Trevor's calculator that the essay links to is old as well.

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http://blog.samaltman.com/

I'd say three of his last four posts are more negative than he has been historically. I've also observed an increasing number of articles about properly calculating financials, unit economics, and hiring "killer sales teams." I don't know that it means anything, but there does seem to more of that kind of chatter - and not from the buzzfeed "Bubble!!!!!!" kind of sources that its been pouring from for years.

Which seems like BS, since WhatsApp obviously didn't need strong financials to be acquired for an amazing amount.

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