Depending on wht you mean by "tech". In a broader definition of technology - of course we are not! Technology is what moves the progress and it would not burst...
But if you mean the narrow understood IT obsession - it is clightly inflated. I am afraid people sometime forget that most of the Internet, social media and 'apps' are just the tools to accomplish something, to solve problems or 'do a job'.
In any case I think we are pretty safe for quite some time yet as not that many ventures turned up to be full of air so far (but if investors money will become more freely available - we will see more of those in the future).