It has been a bubble now for 13 years. I disagree here. Maybe it's just the new normal? Comparisons between now the the '90s do not hold up. Tech companies today are much bigger, but also generating huge profits, unlike the 90s bubble, in which tech companies were much less profitable or unprofitable relative to valuations.

lol "people could raise ludicrous money" What? Where? Funding rounds are much smaller, more competitive, and more selective today compared to in the 90s. Hardly anyone except for a few lucky people (like the founders of Coinbase or Dropbox) are getting rich overnight anymore, unlike in the 90s. Founders are being offered table scraps worth of funding compared to the generous, multi-million-dollar funding rounds that were common in the 90s.

This is made worse by the fact that running a tech company is more expensive than ever in terms of the complexity of the product (interactive apps are waaaayyy harder to develop than a static html store) and marketing (everything is so expensive and saturated compared to the 90s. Ads are obscenely expensive today and full of click/viewer fraud and worthless, inflated metrics.) and labor costs (coders are much better paid today compared to the 90s relative to inflation).