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Is the Instagram effect causing Silicon Valley to fund the wrong companies?

Gigaom: There’s a lot of talk in Silicon Valley about a bubble in VC investing right now, with the $1 billion purchase of Instagram by Facebook seeming emblematic of high valuations for social apps without a clear revenue stream or inherently altruistic purpose. So many are wondering: could the tech industry shift toward more investment in startups that cure cancer or find solutions for clean energy? The answer depends who you ask.

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