YouTube + Google = Evidence of a Web2.0 Bubble?

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Tristan Louis says there is no web 2.0 bubble, at least, not yet. His rationale is that if you look at the deals that have been done, most of them have been in the tens of millions, as opposed to hundreds of millions or billions. I'm surprised to hear Tristan say this, because he has been an advocate of the idea that a Web 2.0 bubble is building.

I disagree with him because I don't believe that the deal price is a good indicator. I also don't pay attention to valuations that deal with things like eyeballs and clicks and all that stuff that may never end up being monetized. I think the Google-YouTube deal is evidence that there is a bubble, and that Google knows their stock is overvalued.