I am with contagion on this one, the time to raise capital has been greatly reduced, and yes the valuations are up across the board in seed raises. The question is specific to the SV environment, it wasn't "is US technology in a macro bubble."
all of that traffic isn't coming from HN, it's the rank for ycombinator.com. PG has done a great job and a lot of the traffic is solely from the press that Ycombinator has received and all of the portfolio companies.