Indeed, I am generalizing somewhat, but it's a core truth that holds pretty well. Consumers don't really care about a bubble, if they value a product or service

Indeed, I am generalizing somewhat, but it's a core truth that holds pretty well. Consumers don't really care about a bubble, if they value a product or service they're going to buy it. The bubble won't make a company any less profitable, an over-hired company is still over-hired regardless of whether or not a bubble exists; this applies even to ad-based companies. If the bubble bursts tomorrow, Facebook and Google won't care, it's not as if their ad-clicking users will suddenly stop clicking ads. A bursting bubble is only a threat to those who rely on external cash infusions to bootstrap their operations until they can figure out how to turn a profit. If 10,000 conversions a month is profitable, it will still be profitable when all the VC money dries up.