"There are a lot of other smaller deals with lots of money changing hands that may not be on the big board but are still happening," he says.
Saffo, on the other hand, says that if you look closely, you'll see that these deals are nothing like the ones we saw in the '90s.
"The public offering market is still dead as a doornail, and for it to be a bubble it has to be something anybody can get in on," he says.
Recent acquisitions have involved companies with leaders who've already proved themselves to the dot-com world. The founders of YouTube -- Chad Hurley, Jawed Karim and Steven Chen -- were also the brains behind PayPal, which eBay picked up in 2002 for a cool $1.5 billion.
During the ballooning of the dot-com bubble in the '90s, Saffo says, almost anyone in Silicon Valley with a big idea could find financial backing and had a chance at a winning lottery ticket.
This time around, he believes it's just the normal ebb and flow of business in which big fish often swallow up small fish to ensure more space to swim.