They are doing weird 1 for 1 losing trades so I wouldn't call that going into a full rebuild were they would be trading them all for picks and young prospects
Nino for Rask was a gamble that Fenton has (so far) lost on.
Coyle for Donato paid immediate dividends, despite not looking great at the time of the deal. Donato was our best scorer after the trade deadline.
Granlund for Fiala is another one that seemed like an immediate loss, until you realize that Fiala scored at a similar rate as Granlund after Thanksgiving, with less playing time.
They are banking on the guys they acquire getting better, whereas the guys they traded pretty much maxed out what will be in this league. They also traded a guy you've never heard of for Pontus Aberg, which regardless of how underwhelming Aberg was, was a win, because at least Aberg was an NHL player.
His strategy is risky, and not every move will be a win, but it's not a 1-2 year strategy. Fiala and Donato will be cost controlled and on the roster for many more years than Granlund and Coyle, and they have every bit of potential to be better than them as well.
It's the same thing as a rebuild, only instead of getting meh prospects and some draft picks, he's getting guys ready to break out in the NHL NOW. He's getting more quality pieces, and less quantity. Which is good, because we don't need quantity, we need quality.