“Today’s “Power Five” trade at an aggregate of 30 times trailing earnings. That compares with an aggregate of 78 times trailing earnings for the five largest tech stocks in March 2000. This difference equates to total valuations for the five largest technology firms that are 60% lower than they were 17 years ago.

Related: As Tech Stocks Surge, Bullishness Not Confined to U.S.

If each of these companies saw their stock prices double (and we’re not suggesting they will), their market capitalization-to-net income multiple would rise to 60x, which would still be less than the five largest technology stocks at the height of the tech bubble,” according to PowerShares.

QQQ, one of the largest U.S. ETFs, has equal-weight equivalents equal-weight equivalents such as the Direxion NASDAQ-100 Equal Weighted Index Shares (NYSEArca:QQQE) and the First Trust NASDAQ-100 Equal Weighted Index Fund (NasdaqGS:QQEW).

For more news and strategy on the Technology market, visit our Technology category.

Tom Lydon’s clients own shares of Apple, Facebook and QQQ.