Not sure I've I'm even playing Devil's Advocate here...but at least one factor is fed-pump cycles. Lots of cheap money around looking for any return. If money

Not sure I've I'm even playing Devil's Advocate here...but at least one factor is fed-pump cycles. Lots of cheap money around looking for any return. If money was expensive, there would be less deals at the margin. And presumably, fewer Silicon valley-unicorn-hype firms that continue to loose money.