It's more bubbly than it was 2 years ago, but still nothing like the Bubble in the late 90s. The defining quality of an investment bubble is people (a) investing a lot of money in stupid things, in the hope that (b) other people will pay more for them later. Neither are happening now. Though a lot of startups are getting started, the amount being invested is small, because startups are taking way less each. And (b) isn't happening because the IPO market is still very small. Acquisition is still the main exit, and acquirers are more prudent than retail investors.