The hiring churn happening in Silicon Valley represents the “great unbundling” of the tech startup, as Dave Munichiello, an investor at GV, put it. In earlier eras, tech founders and their first employees often stayed onboard until either the lights went out or there was a major liquidity event. But in today’s market, where generative AI startups are growing rapidly, equipped with plenty of capital, and prized especially for the strength of their research talent, “you invest in a startup knowing it could be broken up,” Munichiello told me.