[dalbasal]

Idk. Tech bubbles, hype cycles.. they're weird, sometimes unhinged.. they're not entirely irrational.

In aggregate, they are just the phenomenal of an extremely high risk high reward investment environment.

Most tech companies do not need cash to scale. There are few factories to be built. What they need is risk capital. The big successes alphabet, Facebook, Amazon.. these winds are so big, that they really do "justify" the bubbles.

Amazon alone, arguably justifies the '90s dotcom bubble. The tens of billions invested into venture, IPOs... A balanced portfolio accrued over the period, was probably profitable in the long term... Especially if the investor kept buying through and after the crash.

IDK that anyone actually invests in risky startups that way, but just as a thought device..