I think the amount of turmoil around these deals is giving more weight to the possibility that we’re in a massive bubble thats quite divorced from any kind of fundamentals. Sooner or later the bubbles gonna burst.
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The landscape has changed dramatically now. Investors and VCs have learnt if we stick with winners and growth companies, the payoffs are massive.
We also have more automatic, retail and foreign money flowing into the market. Buy the dip is a phenomenon that didn't exist at the scale it is now.
Pre-2015 if Big Money pulled out, the market was guaranteed to fail, but now retailers sometimes have longer views and belief (on people like Musk, Altman) than institutions and they continue to prop it.
So, it's foolish to apply 2000 parallels to now. Yes, history repeats, but doesn't with the exact time or price points
Similar to the invention of the web, AI is not a bubble. Real value has been created.
"Good company" is subjective, but to argue that the company that built the backbone of modern web didn't make anything novel or monetizable is a bit short-sighted, don't you find?
I'm pretty sure many internet companies would be given a longer rope to survive now. E.g OpenAI and Anthropic will probably take years to get profitable but investors are OK with it