There is another aspect to this that is not getting much mention: many more startups are reaching profitability without VC, but still don't have metrics to justify going for a home run. Ergo, the "ruthless culling" is not resulting in the bloodbath that some predicted. In general, great for startup founders & great for (the remaining) active VCs.

pg - do you have any stats around how many more recent YC co's are profitable & have not secured/pursued Series A?