Obama wasn't ranting against technology. He was making a nuanced argument about our new information society, and being prescriptive about how we should interact with the Internet.

To roughly paraphrase what Obama said, quit dicking around on Twitter, Facebook, Reddit, etc. and look for good articles. You also might think about writing some, or even reading a good book. That's not in any way technophobic. He was just doing what any public figure should do at a commencement address, which is tell the graduates to use their education to lead meaningful and productive lives.