There's no financial bubble in the tech industry. There may be a bit of a hype bubble, though. (Apparently the financiers aren't fooled.)
Yes, some investments are getting marked down or going bust. But remember that VCs lose money on average. Only the top few do really well.
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Let me be more precise: the median VC loses money. cf. http://fortune.com/2011/02/16/most-venture-capital-funds-lose-money/ …
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