It would seem we’ve got all the makings of a tech shipwreck.

In the past few days, Xerox (XRX), Yahoo (YHOO) and eBay (EBAY) each announced plans to cut thousands of jobs. Esteemed Silicon Valley VC firm Sequoia Capital is warning entrepreneurs that it’s time to batten down the hatches because the good times are over. Start-ups Adbrite, imeem, Seesmic and Zivity are each laying off at least a quarter of their employees. We’ve been here before, and it looks ugly.

Or does it? Listen to execs at some high-flying companies on the other hand, and you get a somewhat different outlook. Apple (AAPL) CEO Steve Jobs this week told investors he plans no job cuts, and he’s “not tremendously worried” about Apple’s outlook.

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Many Internet start-ups are starting to heed the dire warnings of their venture capital investors, and last week, some began cutting costs in order to survive the economic downturn, including laying off employees. Two weeks ago, Sequoia Capital, Benchmark Capital, angel investor Ron Conway and other investors wrote some scary memos to their portfolio companies, warning them to conserve their cash, cut costs and start generating revenues.

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Silicon Valley was all a flurry late last week after reports that some respected venture capitalists woke up from their rosy daydreams to the fact that Wall Street’s meltdown is going to have a big impact on their future. Was it really necessary for these VCs to write memos, or as Sequoia Capital did, summon the CEOs of their portfolio companies to an emergency meeting at their Sand Hill Road lair? Some of the messages seemed to be no-brainers, such as “cash is king,” “lower your burn rate” and “if you are not cash-flow positive, get there now.”

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Last night I reported on a special meeting held by Sequoia Capital for its portfolio companies, warning them about the fiscal hurricane that was going to hit them, and how they’d better figure out ways to survive what could be a big downturn.

There were some gaps in the details about that meeting, but I have since been able to piece together the minutes and what folks there essentially said. Since these are second-sourced details, I cannot say they are a 100 percent accurate, so please view them with a degree of skepticism. Nevertheless, I still feel confident enough to share them.

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Competition is intensifying in the virtualization sector.

Red Hat (RHT) this morning announced an agreement to acquire Qumranet, an Israeli company that provides a virtualization software platform, for $107 million in cash.

Qumranet’s Web site says that “organizations use Qumranet’s first product, Solid ICE, to host Windows and Linux desktops centrally on servers in the data center.” Investors in the company included Sequoia Capital and Norwest Venture Partners.

The company said the acquisition will not materially increase revenue in the Feb. 2009 fiscal year, but should add “up to $20 million” in revenue in fiscal 2010. Red Hat said the deal is expected to be dilutive to 2009 GAAP EPS by 5-6 cents a share, and to cash flow from operations by 3-4 cents.

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