But this is no bubble redux. Instead, Silicon Valley, the entrepreneurial hub of the US's high-tech economy, is rebooting, just as a computer does after it crashes. And this time, the geeks are the ones with the upper hand.
The valley is populated with people of various talents, but its essence begins with the software and hardware engineers. They create technology tools that then find investors and users in the marketplace. It is, first and foremost, a high-tech tool shop.
That fundamental truth was forgotten in the boom years. The short-lived dot-coms were just marketing plans lashed to the Internet. They had no technology edge; they were run by marketers and M.B.A.'s. But most of the young companies that survived the crash - and the start-ups that have risen since - are based on innovation and are run by people with deep technical skills.