This past weekend, someone mentioned how happy he was because the Silicon Valley is back. I couldn’t agree more, except I am worried about the accompanying over exuberance. Like Silicon Valley, back are frothy forecasts and risky investments. More than $15 million in three download MP3 file start-ups – what do you call that? We already have seen a Broadcast.com type deal – eBay-Skype you know! Henry Blodgett is back to being a reporter, and any day you can expect him to get a job offer from some VC fund. George Gilder came out of hiding at the Always On Conference. And now the news the Queen of the Net, Mary Meeker, is starting coverage of China Internet Stocks, in addition to her regular pounding the table of stocks like Google. This is as good a time for another bubble…. not that there is anything wrong with it.