By now, you've seen the latest round of stories on the topic. And the shouting on Twitter. I think this is worthy of a smarter discussion.
My view is that this is definitely not a bubble. It's boom times, yes, and all boom times end eventually. But calling this a "bubble" implies this time is going to "burst" with far reaching consequences. I just don't see that. There are outliers (as there always are) but most of the stuff going on now is rational. Yes, that includes the Instagram deal.