@AlexFrommeyer
Isn't this...great? The tech bubble of the 90's had virtually no earnings attached; today's tech giants are insanely profitable. Some of the best business models ever designed. You can buy google right now for 25 p/e which is incredibly reasonable vs the implication here that things are worse than the bubble. The economy is clearly transforming and 'tech' is likely no longer the right way to characterize this sector.