Of course it's a bubble. The question is whether it's a dotcom bubble or a tulip-bulb bubble.

When the dotcom bubble collapsed there was something left -- some enormous power-players, and a moderate-to-significant shift by just about every other company.

When the tulip-bulb bubble collapsed, nothing remained. Same with the real-estate bubble of 2007, which didn't actually result in a much more actual buildings (and those that were built were often not well suited).

I'd say it's somewhere in between, though I don't know where yet.