I don't think there is an overall sector-wide bubble today, but there may very well be isolated pockets and individual companies with bubbly Ponzi-like characte

I don't think there is an overall sector-wide bubble today, but there may very well be isolated pockets and individual companies with bubbly Ponzi-like characteristics. The late 90s was just insane. Basically you had hundreds of companies much airier than Snapchat, some without even a product. Some of them even went IPO like this. It was crazy. Today looks nothing like that. If Snapchat is well run, it will use its current ability to raise capital to build or buy other assets that can generate revenue. For a mature company version of this, look at present-day Yahoo-- its core brand is almost dead but it owns a lot of other stuff. If it's not well run (or if the founders don't care) it'll eventually deflate and the latest stage investors will lose big.