AUSTIN, Texas ( TheStreet) -- The Nasdaq Composite Index may be flirting with record highs, but tech stocks aren't likely to repeat the meltdown of 2000, according to Steve Case, a co-founder of AOL (AOL), who's now CEO of Revolution, an investment-management firm.

"I don't think (a tech bubble) will be like anything what we saw fifteen years ago when a lot of companies went public that really didn't have much in the way of audience or revenues and in most cases profits," he said. "So there is a little bit of difference between now and then."

The Nasdaq crossed 5,000 on March 2, the first time it had done so since March 2000.

Comparing today's market with the one 15 years ago isn't necessarily the most valid comparison. The Nasdaq's trailing 12-month price-to-earnings ratio stood at 100 back in 2000, compared with its current level of 23, according to the Schwab Center for Financial Research.

Still, some valuations bring back memories of 2000.

Last week, news came that Chinese e-commerce giant Alibaba (BABA - Get Report) is investing $200 million in social app Snapchat, pushing Snapchat's value to a reported $15 billion.

"I think in some cases valuations are getting too frothy," Case said. "I haven't seen Snapchat's valuation models, but clearly there is a desire to invest in the winners and some people are willing to pay almost any price to be in those companies."

The focus in tech on user growth over revenue doesn't concern Case.

"Companies like Twitter (TWTR - Get Report)  faced criticism early on that they don't really have a way to monetize, but once they built their audience, they were able to figure out a way to monetize," he said. "The profits do matter, but I wouldn't automatically rule out companies that are focused on growing their audience and not as focused on the profits."

Case is bullish on wearable devices, particularly the Apple (AAPL - Get Report) Watch.

"I think the Apple Watch could open up new opportunities for companies in the wearables space," he added. "A lot of people don't wear watches because they have a smartphone on them, so maybe that opens up a new market."

He's also keeping an eye out for what he calls mega-trends that aim to involve the Internet in more areas of daily life.

"There are some technologies that are interesting, but I think there are mega-trends that are more interesting," Case said. "I think integrating the Internet more seamlessly and pervasively in every aspect of your life and really revolutionizing things like health care, education, food and transportation. These things make up the majority of the economy."