Milunovich said that companies are more profitable than they were in 1999 and come with longer life spans in 2014.
"The risks are more spread out," said Milunovich. "The Nasdaq 100 in 1999 sold at 250 times trailed earnings. Today, it is 25 times. In 1999, there were almost 400 IPOs. In the last 12 months, there are fewer than 100, and they're also spread more globally. More of the companies are profitable, and they have been around longer."
Read MoreTech bubble 2.0? Why this time it's different—probably
High-flying tech stocks, such as Facebook, Netflix and GoPro, are raising concerns among some market watchers that there's another bubble on the horizon.
But those concerns might be overwrought, Blodget suggested.
"I think we are all hypersensitized to see and look for bubbles and call any big price move a bubble," he said.
—By CNBC's Cassandra Jaramillo