it's funny how we're letting private companies get away with made up numbers. Rather than making IPOs easier, owning a private company above a certain valuation should come with at least an obligation for GAAP accounting, indepndent audits etc. This is really for the greater good - so what is we see 2-5 years of a beautiful AI bubble if it's going to come crashing down again. It's lawmakers and regulators role to smooth out and dampen the natural tendency for the markets to go bubbly.

the premise probably is that VCs are qualified/educated investors and know what they are doing.