If you think we're in a tech bubble, look at this chart of Internet company stocks

If we're in a tech bubble, how come investors in Internet companies are getting cleaned out?

As this chart from Statista shows, most of the big Internet companies lost at least 25% of their value between April 30th and September 30th. The losers include Snapchat, which is still privately held, but which big investor Fidelity marked down 25% during that period.

The big exceptions are the two most dominant Internet companies, Google (now Alphabet) and Facebook, both of which gained about 14%.

This suggests that tech investors Sam Altman and Marc Andreessen may be right - we're actually in the middle of a long tech bust. The only tech companies that are overvalued are a handful of late-stage, privately held companies that are taking their sweet time in going public, and are raising rounds that look like equity but are really structured more like debt.