No, it is not the same at all.

I worked at a small investment firm in college during the time and I remember the portfolio manager doing the portfolio allocation for a retirement plan. Randomly picking Janus mutual funds in the hall right before he went to lunch.

I remember the secretary complaining in December 1999 how she knew a secretary at another firm that got rich from an IPO.

There has just never been a level a speculation like in late 1999 that I have ever experienced. This was over geocities level webpages on dial up modems with almost no business plans to even make money.