NEW YORK (TheStreet) -- The Nasdaq is approaching a 15-year high and some are worried that we are approaching a tech bubble, but TheStreet's Jim Cramer says that's not the case.

He notes Apple  (AAPL) - Get Apple Inc. (AAPL) Report is trading at 15 times earnings, Microsoft (MSFT) - Get Microsoft Corporation (MSFT) Report at 13 times earnings, and Cisco (CSCO) - Get Cisco Systems, Inc. Report at 14 or 15 times earnings. He says none of these figures indicate a tech bubble; in fact, it's the opposite.

Cramer says the group of companies including Workday (WDAY) - Get Workday, Inc. (WDAY) (CRM) - Get, inc. Report , and Red Hat (RHT) - Get Red Hat, Inc. Report that are selling at so-called "infinite PEs" would not even be equal to the size of Cisco in 1999.

Must Watch: Jim Cramer Says There's No Reason to Worry About a Tech Bubble

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Therefore, Cramer says to stop worrying about a tech bubble and to stay focused by looking at the actual price-to-earnings multiples.