Even the seemingly eye-popping real estate prices in San Francisco and Silicon Valley are at least partially the result of a decades-long failure of the state to keep up with population demands, said Mark Burns, a real estate agent based in Cupertino, California. Still, he doesn't think the 15 to 20 percent increase in prices every year over the past few years is sustainable forever.
"Sometimes you see [a sale] and say, 'wow, that's amazing,'" Burns said.
Read MoreBubble watch: A real estate story
ITG's Blitz said that even if the market contracts, a burst equity bubble doesn't generally level an economy the way a burst debt bubble does. Losses in the stock market, or in VC funds—even when very painful—don't generally devastate someone's life the way debt on a depreciating asset can.
None of which is to say that analyst aren't expecting a reckoning of some sort ("plenty of people are expecting a resetting," Pittard said). There are signs that investors' enthusiasm for cloud computing companies, for example, is dampening.
If VC investments hit the $75 billion range (they're about $28 billion to $30 billion today), or if retail investors return en masse, then perhaps investors may want to worry, said Ganesan.
But if anything the recovery after the last tech recession has dampened people's fears.
"We went through it a decade ago, and the world didn't end," Pittard said.
—By CNBC's Matt Hunter.