My belief why many people are calling this cycle a bubble is because they experienced two big bubbles almost back to back. I think much of the bubble calling over the past few years reeks of recency bias and people have been burned, not just once, but twice.

I have no idea if we are in a bubble or not, I'm sure some segments in tech are bubbles. I think focusing too much on whether or not we are in a bubble is a distraction of doing the work in front of us, whatever that work may be. Don't get distracted by the hype of bulls or the bears.