Why we're probably not in a tech bubble, according to analyst

Mary Meeker talks mobile at Code Conference

With all the talk about excessive valuation in tech stocks--or the sector at large--well known Internet analyst Mary Meeker says any comparison to 1999 is overstated.

While she acknowledged that "there is certainly some valuation excess " is some areas, the froth is all and all far below the levels during the tech bubble of the late 1990s.

For one, dollar volume in tech IPOs today is 73% below what is was in 1999, she said.

Venture capital money is also 77% below what it was then.

Lastly, and perhaps most importantly from a market perspective, tech stocks are about 19% of the S&P 500 today, versus 35% at the peak of the bubble.

(Meeker's full slideshow, which dealt with much more than just tech stocks, can be seen here.)

Meeker--now a partner at Kleiner Perkins--made her comments at the tech-heavy Code Conference in Rancho Palos Verdes California

Disclosure: NBCNews group is a minority stakeholder in Re/code and has a content sharing partnership with it.