Correct, it wasn't always this way. Too much "dumb" money that is eager for returns, trying to chase the "if you build it they will come" mantra. But that worke

Correct, it wasn't always this way. Too much "dumb" money that is eager for returns, trying to chase the "if you build it they will come" mantra. But that worked 20 years ago for a nascent web. I think these investors are all praying the "proprietary" data that is being acquired has some tangible value in some indefinite future that can be acquired - or if they can go public, in which case they can liquidate their positions through a hand-off to some mindless robo funds. See: SVMK