U.S. interest rates have not returned to anything close to the 0% regime that prevailed pre‑2022; since early 2023 the federal funds target range has stayed roughly 3.75–5.5%, far above zero. (ycharts.com) At the same time, public SaaS / software valuations remain far below their 2021 bubble levels: median public SaaS EV/Revenue multiples peaked near ~18–20x in 2021 (with extremes like Asana around 89x revenue), then collapsed to about 6.7x by early 2023 and have since stabilized roughly 6–7x through 2025, despite some AI optimism. (aventis-advisors.com) Other surveys and indices show a similar pattern: public SaaS median multiples hovering around 6–7.4x in 2023–2025 versus 18.6x in 2021, and broader software/Cloud indices normalized well below their pandemic highs, suggesting that the lower‑multiple regime has persisted for several years. (windsordrake.com) There are notable outliers—most prominently Nvidia, whose price‑to‑sales ratio in 2023–2024 at times exceeded its 2021 peak even with higher rates—but these are a handful of mega‑caps, not a sector‑wide return to 2021‑style valuation multiples. (m.macrotrends.net) Taken together, the broad tech/growth‑equity market has not revisited 2021‑magnitude multiples in a non‑zero‑rate environment through late 2025, so Chamath’s core claim—that 2021‑style multiples wouldn’t broadly return and that early‑2023 lower valuations would be the new normal for an extended period—has so far been borne out, notwithstanding a few high‑profile exceptions.