The fear of another dotcom bubble keeps investors up at night. But not everyone's hitting the panic button just yet. Leading economists are taking a more measured view, suggesting we're not quite seeing the irrational exuberance that defined the early 2000s tech boom—at least not across the board.

Sure, certain sectors are showing frothy valuations. Tech stocks, AI darlings, and speculative assets have seen wild rallies. But the broader market fundamentals don't quite match the classic bubble playbook. Corporate earnings are more solid. Credit conditions aren't as loose. And investors seem somewhat more disciplined than they were two decades ago.

The real question? What's driving prices right now? Genuine innovation and productivity gains, or pure speculation? The answer probably involves both. That's what makes this moment tricky. Real growth stories exist alongside obvious overvaluations. It's not a black-and-white situation.

One thing's clear though: the crypto and digital asset space? That's definitely seeing pockets of bubble-like behavior. Hype cycles, retail FOMO, and unprecedented volatility are hallmarks of these emerging markets. But even there, underlying adoption is accelerating in ways that didn't exist in 2000.

Bottom line: stay cautious, but don't assume doomsday is coming tomorrow. Market cycles happen. Corrections happen. Total collapses—those require specific conditions to align. Watch the fundamentals. Watch the credit flows. The signals will tell you plenty if you're paying attention.