> the labour market has not much to do with whether it is a bubble or not

How can the very market we're talking about not indicate whether there is a bubble in that market or not? Do you think we should be looking at the price of soybeans instead?

> definition of bubble is that the market cap must precipitously reduce, which it hasn't.

Incorrect. It has, just not by very much. Which isn't surprising as we already established that there wasn't a crash.