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But are they making money because the bubble keeps growing or because the companies they invested in turned profitable?

I believe it's the former, but haven't done any analysis to back up that assumption.

I think the former too, most hot startups are just money-burning-machines.

Recently I stumbled upon a company founded in 2019, with more 1500 employees, that’s about ~500 employees a year.

That isn’t growth, at all, that’s something else.

if "growth" is analogous to cell growth, then your example would be similar to cancer