The Nasdaq index has rallied to levels matching its dotcom boom glory days, spawning a CNBC smackdown over whether the bubble is back too.
The bubble camp came out swinging.
"The Nasdaq wouldn't be here if not for quantitative easing. It wouldn't be here without zero percent interest rates. It wouldn't be here without unprecedented stock buybacks fueled by cheap money," Peter Schiff, CEO of Euro Pacific Capital, told CNBC. "You have all these artificial props which have lifted up the market and there's no way to sustain the market without those props."
The Nasdaq index last touched 5,000 in March of 2000, marking the peak of the dotcom bubble's euphoria -- or what some called hysteria -- before the index crashed around 80 percent to a nadir of 1108.49 in October of 2002. It's been a long climb back to its 5008.096 close on Monday.
But not everyone is convinced dotcom euphoria is making a revival.
"I'm not a perma-bull. I'm very interested in shorting overhyped, overvalued stocks," Wayne Kaufman, chief market analyst at Phoenix Financial, told CNBC, citing bets against GoPro and Tesla. "I don't believe we are in a bubble and I think the fundamentals bear that out," he said, citing then-and-now data.