Is Another Tech Bubble Emerging in Silicon Valley?

A debate seems to be developing as to whether or not the Silicon Valley has a tech bubble emerging.  An increasing number of commentators are raising issues about tech company valuations, spending by VC-backed companies, and the excess of capital in the market.  The question  for all of us is what this means exactly for Silicon Valley and the technology world in the foreseeable future.  Check out this link to one of many recent articles raising the issue of whether we are approaching a bubble:

Here's the Evidence that the Tech Bubble is about to Burst