I don&#x27;t think there was much debate if we were in a <i>valuation</i> bubble. I&#x27;m more curious how this will affect employment within the industry.<p>Back in 2001 we saw massive layoffs as companies which had no right to exist went out of business. While I&#x27;m sure there&#x27;s a bit of fat like that around the edges (those &quot;Uber, but for dogs&quot; companies which existed purely out of VC funding), many of today&#x27;s technology companies are profitable. Those companies are unlikely to need to go through large rounds of layoffs.<p>If that proves to be the case - we see valuations drop without extensive industry-wide layoffs - I believe that fits more into the &quot;correction&quot; definition rather than a bubble. At least in my mind.