I think the cause of the ad bubble is free VC money pouring into startups whose customer acquisition channel is spending 100s of thousands dollars on advertisem

I think the cause of the ad bubble is free VC money pouring into startups whose customer acquisition channel is spending 100s of thousands dollars on advertisement. And when VC money dries out, startups will start tracking ROI and stop wasting money on branding. And that will cause domino effect. Of course, there might be no bubble and this is a new normal.