No, there is no tech bubble; leading stocks deserve to trade like this

No matter which metric one takes - PEG ratio, margins, cash flow or revenue - leading technology stocks deserve to trade the way they do

One of the main points of difference between bulls and bears today is whether technology stocks are in a bubble, in the US for sure and even globally. 

At first glance, it does seem like there is excess in tech land. The top seven companies globally by market capitalisation are all technology companies. The top 10 spenders globally on research & development (R&D) and capital spending combined are again all technology companies. The top five technology companies in the US (Apple, Amazon, Microsoft, Google and Facebook, known collectively as FAAGM) have a combined market capitalisation of $3.8 trillion. Just for