Is capital really getting more expensive? Aren't we still seeing truckloads of cheap cash still getting shepherded into private tech companies? It sounds to me

Is capital really getting more expensive? Aren't we still seeing truckloads of cheap cash still getting shepherded into private tech companies? It sounds to me like this investor would like to see a return to investments in profitable companies rather than aggressive investments in growth, because it was more fun for him when he had fewer competitors willing to throw money around. Is there any evidence that this trend is actually reversing as opposed to just being wishful thinking?