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