It seems to me to be a bubble of sorts, although a strange one. It mostly seems to be centered around AngelList in general and the seed stage universe in partic

It seems to me to be a bubble of sorts, although a strange one. It mostly seems to be centered around AngelList in general and the seed stage universe in particular, where valuations of very early stage startups with cool videos are totally out of whack with where they should be in my opinion. But because the amount of money moving around at this stage is still pretty small - it is early stage after all, so each deal is still tiny in absolute terms - there is less of a bubble effect than one would expect. Reality might be harsh for those startups when they come to long for bigger rounds in future though.