John Burbank, Passport Capital founder, said that the tech industry is just starting to grow out of its infancy now that the Internet has turned 21 years old this year.
Burbank said that from this point on there will be deflationary outcomes in the tech industry over the next 10 years.
"We want to be long change and we want to short GDP growth. This is a way of being long change," he said.
Benchmark Capital general partner, Bill Gurley, said that there is a main difference between this tech cycle and the last one 15 years ago.
"Private companies can raise hundreds of millions of dollars [now] and that didn't happen in 1999," he told CNBC's "Squawk on the Street" on Wednesday. "This never happened before."
Companies were also burning through cash at much higher rates since "you can't raise hundreds of millions of dollars and not spend it," he added.