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Regarding VC: - The VCs who had a normal pace in the previous cycle all made money - These VCs have expanded the size of their funds 3-10 times this cycle and raised funds again, resulting in too much money on hand - But there are not enough good projects, yet they must spend the money, so even projects with a bit of glamour will increase the number of financing rounds and raise their valuations, obtaining money they do not really need.

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