Yes, there are crazy amounts being paid for certain lucky tech companies. SnapChat turning down $3 billion, for example. Sorry, the company simply isn't worth more than half of the S&P 500. So in the sense that some social media-related companies are being bought by the giants for huge dollar amounts, there is a bubble.
But the bubble isn't extending to the bottom of the food chain. In the 90's, anybody who could say "Java" could get six figures, and any guy with a hair-brained idea and a few programmers, could get VC money from rich guys who did random things to choose where to sink their money. It's not like that now. These days, you have to actually be able to write software, to get a good job, and you have to have a viable business, to get VC dollars.