A bubble occurs when prices are driven by view on the future that are implausible or inconsistent. It seems that current high prices are mostly driven by "inves

A bubble occurs when prices are driven by view on the future that are implausible or inconsistent. It seems that current high prices are mostly driven by "investment" competition - meaning that startups can raise prices at early stage because there are too many investors. This doesn't seem to be happening at later stages (B rounds) or public companies. What this means is that returns for initial investors is going to be lower - but it still might be sustainable. Companies usually will grow past +$15M when they do well.