One reason they blame is interest rates. If VCs are sitting on hundreds of billions in cash, then startups wouldn't seem to need much debt. Also, at this point the interest rates are expected to drop soon. I can imagine ways it impacts them, but what are the actual mechanics?

Also, while everyone has different reasons, it seems like the world is becoming extremely conservative in business (with some exceptions), socially (challenging the status quo is treated with contempt), politics, etc. If people aren't investing in risk, where will innovation come from? What will happen to SV, for example. Do these investors think we can just rest on our laurels?