“When bubbles happen, smart people get overexcited about a kernel of truth,” Altman said. “If you look at most of the bubbles in history, like the tech bubble,

“When bubbles happen, smart people get overexcited about a kernel of truth,” Altman said. “If you look at most of the bubbles in history, like the tech bubble, there was a real thing. Tech was really important. The internet was a really big deal. People got overexcited.”