Venture capitalists are not excited by mobile content at the moment (although to be fair, they’re pretty cautious about everything) according to the New York Times in an article about what VCs are focusing on. “Pure mobile content is overinvested, but hardware is underhyped,” said David Weiden, a partner at Khosla Ventures. The VCs are skeptical of the returns available by selling ads or applications on mobile phones, and are sticking to carriers and manufacturers.

Of course, this is a journalist’s interpretation of the opinion of a few VCs—it’s worth noting that Jeremy Liew, managing director at Lightspeed Venture Partners, indicated that “as growth in ad spending online cools and social networking becomes commonplace, the days of trying to be the next YouTube, Facebook or Yelp are over,” which sounds pretty pessimistic for those industries. But over at Online Media Daily the same man said that he “will look to invest in companies focused on gaming, virtual goods, Web 2.0 and advertising, and those with solutions that monetize international traffic.” What is certain is that the IPO and acquisition market collapsed at the end of last year (NYT) and without exits, VCs are more cautious with their money, but that doesn’t mean that no company will get funding.

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