So, is there really no tech bubble at work?

This VC firm has posted quite interesting and compelling arguments to counter the perception that VCs may be falling for another tech bubble.
I'm yet to come across data points that could effectively challenge these slides. Have you? Do share your comments. 
Here's the link to the slides: http://www.slideshare.net/a16z/state-of-49390473

U.S. Technology Funding -- What's Going On? from a16z