There Is No Tech Bubble. Still, Be Worried.

The numbers show the much-rumored tech bubble probably doesn't exist. But investors should still be concerned.

Bubbling, but not a bubble.

Photographer: Chris Ratcliffe/Bloomberg

Andreessen Horowitz, the most innovative and outspoken of Silicon Valley’s big venture capital firms, recently came out with a presentation intended to kill the idea that there’s a new tech bubble under way. The 53-slide presentation, by Morgan Bender, Benedict Evans and Scott Kupor, takes on the idea that too much money is flowing into private technology companies, especially in the highly valued startups called “unicorns.”

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