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 Report) is trading at 15 times earnings, Microsoft  (MSFT - Get Report) at 13 times earnings, and Cisco  (CSCO - Get 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 Report) ,  (CRM - Get Report) , and Red Hat  (RHT) that are selling at so-called "infinite PEs" would not even be equal to the size of Cisco in 1999.

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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.