Technology companies flush with cash are renowned for luring top engineers with cushy perks like catered lunches, free gym memberships and pingpong tables. But as Silicon Valley gets crowded with unicorn companies valued at $1 billion or more, one veteran venture capitalist warns the "party" won't last forever.
"I suspect there's way too much capital in the system," Chamath Palihapitiya of The Social+Capital Partnership said Monday on CNBC's "Squawk Alley." "Many companies that frankly shouldn't get funded will have a longer half life than they probably should. We have this crawl of capital that leaks into these companies and keeps bad ideas up a little bit too long right now."