Earlier quoted context omitted.
The bubble exists, but it's ludicrous to believe that SV startups don't have profound effects outside it. What % of people use Google, or Facebook, or Android/iOS every day in the west?
I think it's important to differentiate between the effects the products these companies create have, and the effects the companies themselves have on world/US culture. Clearly the products have had a profound impact on culture, but I think the impact would have been the same if they had been developed by Exxon or Halliburton. As far as the cultural impact of the companies themselves, I think it's been modest at best…
But Exxon or Halliburton couldn't have developed these products. They wouldn't even try and fail to develop these kinds of products.