it got fundamentally cheaper and easier to scale: so X million users now is not X million users then! Also people learn to find new ways to make unsustainable deals and bubbles come and go. So saying there is NO bubble at all, is probably wrong most of the time. But i agree, todays tech companies produce value. But in my opinion they do not solve significant real-world problems (optimizing communication is not enough). we tend to forget that there is a world outside the internet.