[plaguuuuuu]

IMO the most worrying statistic in support of a bubble is that graph showing valuations outpacing fundraising. The very definition of a bubble is a positive feedback loop of overvaluation.

Fundraising being low compared to valuations is a sign that VCs' risk appetites take into account the probability that everything is hugely overvalued.

Fundraising could ultimately surge towards 2000 levels if people really start drinking the Kool-Aid. But if it pulls back then I'd expect to see valuations plummet and, accordingly, share prices.