Bubbles are made of multiples. This market is made of earnings. a16z's David George and Santiago Rodriguez on what makes this cycle different from 2000 or 2021: David: "The market has reached new highs, and at the same time that it has reached new highs, the trading multiples of the market are actually down." "Stocks are up about 20% while multiples are down about 20%. What that means is the performance is driven by fundamental earnings, not increased multiples." "It's nothing like the…