I asked PG to clarify his thoughts on why this isn't a bubble - he was referring to the SV landscape in general. His definition of a bubble, IIRC: when people overpay with the expectation that others will overpay even more. He doesn't think that's happening here.
(PG, feel free to correct me if I misinterpreted your answer)
Yeah... in my opinion there is clearly more money floating around startup investment than is strictly rational but it's a long way from a systemic bubble.
(PG, feel free to correct me if I misinterpreted your answer)