History doesn't necessarily repeat nor rhyme. For 15 years now there have been people wrongly calling a bubble. The justifications change but looking back we can say they were wrong - or at least, a "bubble" that never pops and people get bored of talking about might have just been actual, real economic growth.

September 2020: 2020 Tech Stock Bubble (Sunpointe Investments, tech in general)

https://sunpointeinvestments.com/2020-tech-stock-bubble/

August 2017: When Will The Tech Bubble Burst?" (NY Times)

https://www.nytimes.com/2017/08/05/opinion/sunday/when-will-...

March 2015: Why This Tech Bubble is Worse Than the Tech Bubble of 2000 (Mark Cuban, bubble is social media)

https://blogmaverick.com/2015/03/04/why-this-tech-bubble-is-...

May 2011: The New Tech Bubble (Economist, bubble is "web companies")

https://memex.naughtons.org/where-angels-dare-to-tread-the-n...

And of course I haven't even bothered listing all the people who said cryptocurrency is a bubble. That's 15+ years of continuous bubble-calling.

At some point you have to say that if the thing supposedly inflating the tech bubble changes four or five times over a period that lasts a big chunk of a century, then maybe it's not a bubble but simply that economic growth comes from only two sources: a bigger population and technological progress. If technological progress becomes concentrated in a "tech industry" then it's inevitable that people will start claiming there is a "tech bubble" even if that doesn't make much sense as a concept. It's sort like claiming there's a "progress bubble". I mean, sure, there can and will be bankruptcies and retrenchments, as there always are at the frontier of progress. But that doesn't mean there's going to be a mega-collapse.