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'Oversupply' could simply be communicated in a different supply/demand equilibrium.

Cheap capital is probably not such a bad thing for Entrepreneurs. More bad companies get funded, but that's not so bad. More good companies that wouldn't have seen the light of day will also get funded.

There's only a 'bubble' if there can be a significant correction. If the US economy goes into heavy recession, then maybe there will be a steep pullback in VC. But otherwise, VC as an asset class may just not get the returns of yesteryear, which is fine.

Sounds like the typical terms need to be negotiated in the direction of founders, away from VCs.

You got your waves wrong. 90s was telco and basic internet, 00s was social media and e-commerce, 2010s is the smartphone and app wave.

Not really monotonic. A lot of funds took deep hits during dotcom.

Image processing, text processing, and the next wave of robotics/manufacturing. A.k.a., "AI".