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Once seemingly unstoppable, big tech is now in reset mode.

We’re not talking about Snap’s earnings sending its stock plunging, or Twitter’s lackluster earnings report from earlier this morning. No, we’re talking about big tech. The world’s largest tech companies are pulling back in a way that could, perhaps, clear some brush for startups still making their way through the wild (the private markets) towards the promised land (the public markets).

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This is good news for smaller companies, which were long irked at the sheer amount of cash the Googles and Microsofts of the world could throw at potential hires, some of whom came from smaller, more financially-constrained startups.

But as with most good news, there’s a catch.