(CNN) – When it comes to tech stocks, are we partying like it’s 1999—again?

I spoke with Tiernan Ray, Senior Editor of Barrons.com and asked him that very question. He says no. This is certainly a party, but it’s different than the tech bubble that burst. Why? Valuations, plain and simple.

Right now we have a slew of high-flying IPO’s.  Just look at LinkedIn.  The internet darling’s shares more than doubled on the first trading day and have stayed in the stratosphere even after settling down in a rough trading week.

China’s tech boom is just beginning.  Recently we’ve watched Ren Ren hit the market, along with Russia’s Yandex, and of course, just days ago, Groupon.  Tiernan Ray says the hyped-up IPO’s may very well be over-priced, but to him, almost everything else looks beaten down.

Some major Groupon and LinkedIn investors spoke out last week saying the same thing: No bubble, no way.  Hugh Grieves, manager of the Herald Worldwide fund was quoted online as saying, “It only becomes a bubble when you see your grandmother invest,” a great line and a reminder of the “unnatural investors” we saw buying tech stocks at random in 1999 looking to day-trade for a quick buck.

However, other analysts insist a bubble in tech is inevitable with so many IPO’s flying off the shelves, believing that the tech market remains full of lemons just waiting to die spectacular deaths, and that the continuing U.S. economic slowdown complicates the landscape considerably.