He mentions box.net but ignores dropbox. No mention of Air BNB, Uber, Snapchat, Slack. Although these aren't public, there is an investor bias against hardware, but such a bias is warranted given the storied history of once high-flying hardware companies eventually soaking investors due to profit margin compression, competition, or becoming fads or obsoleted, examples being Sony, Atari, Garmin, Nintendo, Sega, Fitbit, Nokia, Motorola, Gopro, Jawbone, Skull Candy, Research in Motion, and many more.

Yeah, there is valuation pressure, but for companies that aren't very good. This is evidence investors are becoming smarter and more selective, whereas in the 90's a company like Fitbit would have had a PE ratio of 500 instead of 50, which is what it is right now.