They are talking about a tech bubble in Silicon Valley, but what they mean is that there’s an internet-related/social networking bubble. The next product cycle.
To quote a SV CEO: ” I think there is a major bubble, with all the attendant VC behavior, in the social networking and related mobile/internet apps segments— just like 1999/early 2000 in the .com arena. But it doesn’t extend beyond that. In semiconductors for example, while things have picked up a bit with the recent ipo and m&a activity, it’s still pretty grim.”