Part 2/9:
In the years leading up to the present AI boom, Silicon Valley was dominated by a venture capital culture that thrived on rapid returns. With users and data seen as sufficient indicators of potential success, VCs poured money into companies with dubious value propositions. The urgency for fast payouts fed a cycle of overspending and speculative investment, which fueled the hype around various startups, including those in the micromobility sector.