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.
No, but the steady flow of rumors about a new iPad just around the corner aren't helping
Remember what happened to iPhone 4 sales last summer? They hit a wall in mid-July, according to Apple CEO Tim Cook, when "speculation" that Apple was about to release a new iPhone, "hit extreme highs."
Now we're in the middle of what's shaping up as Apple's (AAPL) biggest holiday season ever, and the same thing MOREPhilip Elmer-DeWitt - Dec 12, 2011 8:10 AM ET
Between them, the "Big Three" sites responsible for most rumors got only 7 right
If you've ever wondered how much of what you read in the tech blogs is true, Shawn King's Stupid Apple Rumors site has done you -- and the entire profession -- a favor.
Starting on July 24 and for the next two and a half months, the site kept track of every story about Apple's (AAPL) new iPhone MOREPhilip Elmer-DeWitt - Oct 11, 2011 4:11 PM ET
50 stories about a rumor, followed by 20 stories about a report that the rumor is untrue
Late Thursday night, the Apple (AAPL) rumor site called, appropriately enough, MacRumors, picked up a Japanese report that the company had scheduled a special event on Wednesday Sept. 7. Could this be the launch of the long-awaited iPhone 5?
By Friday morning, MacRumors' report was the lead item on Techmeme, the online news aggregator that MOREPhilip Elmer-DeWitt - Aug 12, 2011 6:45 PM ET
A report from IDC sets off some pretty silly headlines in the tech press
The top item on the closely-watched Techmeme news aggregator Saturday morning was a piece by ZDNet's Larry Dignan about how the shipments of tablet computers have failed to meet the industry's "lofty expectations."
It was a theme picked up by at least eight other news outlets, including VentureBeat ("Tablet sales slow"), The Loop ("'media tablet' market isn't as MOREPhilip Elmer-DeWitt - Jul 9, 2011 5:51 AM ET
How one Twitter post launched a flood of free publicity for Apple
He's no Steve Jobs -- that's for sure -- but Apple (AAPL) senior vice president Phil Schiller may have set a personal record for how much marketing buzz he can generate per ASCII character.
Responding to a request on Twitter, he let slip that the long-delayed white iPhone 4 will be available this spring.
By Monday morning his 94-character (including spaces) MOREPhilip Elmer-DeWitt - Mar 14, 2011 8:52 AM ET
It's Sulzberger vs. Murdoch in the battle of the unnamed Apple sources
On Monday, the Wall Street Journal, citing "people familiar with the matter" -- one of whom claimed to have seen a prototype -- reported that Apple (AAPL) was working on an iPhone code-named N97 that was half the size and could be sold for half the price of the current model.
On Friday, the New York Times, citing "people briefed MOREPhilip Elmer-DeWitt - Feb 18, 2011 6:13 AM ET
A casual remark by an Apple blogger sets the agenda for a tech news cycle
Daring Fireball's John Gruber was writing a brief note about HP's (HPQ) TouchPad tablet computer, unveiled Wednesday but not available before this summer, when he dropped the "3" bomb:
Summer feels like a long time away. If my theory is right, they're not only going to be months behind the iPad 2, but if they slip MOREPhilip Elmer-DeWitt - Feb 10, 2011 6:36 AM ET
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