Is there a Tech Bubble?

IF lastly, earnings may 'look' great, but when they have to spend ever increasing billions of dollars to buy out their competitors to remain a viable business, you'd have to back out those purchases (which people usually dont) from their bottom line.

example: facebook pretty much had to spend nearly 20 billion in capital to remain relevant. they did so by diluting their existing shareholder's value of the company by about 20%, which is not a sustainable thing to do.