FORTUNE -- It's symptomatic of the delusion that characterizes much of the thinking in Silicon Valley these days that someone could read Chris Dixon's nuanced "Is it a tech bubble?" post that was Techmeme's lead story Monday and turn it into an "Apple is about to burst" screed.
"You can't trust those P/E and other calculations when companies like Apple amassed their incredible valuations and profit margins only over a couple years," wrote a video-blogger nicknamed Charbox in one of the most recent comments. "Those companies can collapse again just as fast."
I can practically hear Brian S Hall screaming all the way from Madison, Wisc.
Hall, who writes a blog called The Smartphone Wars that is followed by a lot of tech journalists, has been harping for months on the vast disparity between the recent wave of money-losing social networking start-ups (Wikipedia on Sunday listed 204 of them) and Apple (AAPL), which became the world's most valuable public company by -- wait for it -- generating huge profits quarter after quarter.
"The insiders are funding companies whose explicit purpose is to be acquired," Hall wrote on Sunday, "Not to build a business. Not to generate revenue. Rather, to expose a potential weakness in a company that has money and do everything they can to talk up that weakness so their little app, business model or service gets bought up. With a lofty valuation."
But he goes one, unpopular step further. He argues that the venture capital-funded blogs that cover these start-ups -- and get them space on news aggregators like Techmeme -- are part of a corrupt conspiracy:
"The *entire* reason for rich, 1% insiders in Silicon Valley to continuously pour money into select blogs, which have no hope of ever providing a semi-decent return on the investment, is so the blogs, acting as PR, can talk up the latest and greatest app or business or the hippest, sharpest line-up of investors behind Insanely Great New Product X."
Hall, needless to say, is not one of the bloggers getting funded by Silicon Valley venture capital. Which may be why it makes him crazy to hear his (and others') warnings of a growing tech bubble turned on the one company in the valley that's generating enormous profits: Apple.
But can Apple (AAPL) compete with Nokia's (NOK) elevator hotties?
See Brian S Hall for why this Russian ad for the Lumia 900 wasn't broadcast on U.S. television.Philip Elmer-DeWitt - Apr 16, 2012 12:13 PM ET
What if Apple turned the iPad into an easy-to-use front end for real-time financial data?
News Corp. (NWS), a ship that leaks from the top, reports through AllThingsD that Apple (AAPL) has scheduled "an important — but not large-scale" New York City event in late January headlined by Eddy Cue, Apple's senior vice president for Internet software and services.
I'm having a hard time getting as excited about this as Kara Swisher seems MOREPhilip Elmer-DeWitt - Jan 3, 2012 6:52 AM ET
"When companies plan wildly ambitious, over-the-top headquarters, it is sometimes a sign of imperial hubris."
Writing in the New Yorker's blog (but not, interestingly, in the magazine itself) Paul Goldberger has cast his architecture critic's eye on drawings for Apple's (AAPL) proposed headquarters and found them troubling -- and a bit scary.
[Foster + Partners] has proposed a gargantuan glass-and-metal ring, four stories high, with a hole in the middle a third of MOREPhilip Elmer-DeWitt - Sep 27, 2011 7:08 AM ET
How can this company, asks Brian S Hall, complain about anti-competitive behavior?
The open letter by Google's (GOOG) chief legal counsel attacking Apple (AAPL) and Microsoft (MSFT) and calling for government intervention (see here) has unleashed a flood of outraged responses, but none quite so full throated as the one posted by Brian S Hall on his Smartphone Wars blog.
The nut paragraph:
"If you have a monopoly business and generate monopoly profits and MOREPhilip Elmer-DeWitt - Aug 5, 2011 7:07 AM ET
|Where should you put your money now?|
|Boost for trade as global deal struck|
|Someone bought a $100,000 Tesla with Bitcoins|
|No news is good news for stocks?|
|Five key numbers behind the jobs recovery|