Among the vast community of Webheads and other assorted nerds, the fear is palpable. Has the technology bubble finally burst? Are careers in technology-related fields in full retreat?

There's particular angst over the Internet collapse, once seen as the golden goose for techies. As a recent e-mailer asked: "Is it risky today to build a career related to the Internet, or should we stick with long-term stable jobs?"

Well, fear not. The technology steamroller isn't about to disappear. The current malaise, say technology professionals and managers, is just thinning the herd by eliminating those who never truly belonged anyway. "Amateur night is over," says Robert Landes, co-chairman of Guidance, a Los Angeles Web developer.

Among those falling by the wayside, says Russ Curtis, chief executive officer of JustTechJobs.com, a collection of 47 technology-specific job-hunting Web sites, are the "Harvard M.B.A.s barely out of diapers" who went on "crazy spending orgies" and "created Web sites that nobody was interested in," along with the "ex-jock sales and marketing people" they hired. "They all ran around with cell phones and Palm Pilots and pagers trying to look like they knew what they were doing," Mr. Curtis says. "Well, they didn't."

He says the business is also being cleansed of instant nerds who took quickie certification courses in narrow technologies, or read "Java Programming for Dummies" (Hungry Minds Inc., 1999) and got picked up by companies on wild hiring sprees. "There's no need for them," he says. "Good riddance."

But jobs are still plentiful for computer professionals with solid credentials, he insists. A company spokesman says that job listings on JustTechJobs.com sites have "plateaued" in the past three months, which the company sees as a good sign, coming as it does while many other job-search sites are suffering significant declines.

Want more proof? People3 Inc., an IT human-resources consulting firm based in Bridgewater, N.J., recently issued a report predicting demand for IT workers will continue to outpace supply by at least 20% for the next four years. Morgan Stanley Dean Witter issued a report last month stating that 74% of 150 chief information officers surveyed from companies in a variety of industries, including finance, manufacturing, electronics, health care and retail, haven't reduced their information technology spending plans for 2001, despite fears of an economic downturn. And according to the U.S. Bureau of Labor Statistics, the fastest-growing occupations through 2008 include computer engineers, computer support specialists, systems analysts, and database administrators.

Mr. Landes sees a big opportunity in mainstream, Old Economy companies that need skilled technologists who can integrate online and offline operations. "Any company that has a client has got to get on the tech bandwagon," he says. "Whether you're going to communicate with that client through a Web site, fax or telephone, you need people who can integrate those operations."

For candidates still seeking an Internet-related career, he advises seeking a mainstream company that has a dedicated, online business, a CEO responsible for the online initiative, and a commitment to integrating its online and offline businesses. "Hook up with that and you'd have a lot of job security," he says.

He also sees opportunities at outsourcing companies that provide IT services to mainstream companies seeking to integrate the various technologies into their overall operations.

But he cautions job seekers to beware of Internet-only companies that aren't willing to disclose their cash reserves and cash burn rates (how quickly they're spending their cash reserves). Job seekers need to ask these companies who their customer is and how they serve that audience. Does the company have an experienced sales force? Does it have repeat business and long-term contracts with customers?

David Rager is proof that the technology field is still vibrant for those with the right skills. A database administrator for TamTam, a Lakewood, Colo., company that provides online services to the import-export industry, Mr. Rager, 33 years old, has been recruited to new jobs three times in a little more than a year.

A former paralegal, Mr. Rager shifted to technology more than a year ago. "When I first jumped in, it didn't feel like there was any lack of openings," Mr. Rager says. One jump was to avoid a relocation; the other two were for opportunities too good to pass up.

But being in demand can be demanding. "Once you get into the industry, you realize that in the tech field, you're never going to slow down," he says. "If you want to stay on top of the field, you have to stay educated and explore the news on the tech horizon to see what's coming down the pike."

Mr. Rager constantly is taking night classes (currently: Java), seeking new certifications and taking on home Internet projects to add depth to his knowledge. Among them: Streaming music onto the Internet, and hosting an online directory for local bands. "It gives me a chance to play around with technologies I'm not so familiar with," he says.

In today's demanding environment, he adds, just getting a simple Microsoft-software certification "won't sustain you," he says. "Even that technology is changing yearly."

He says employers have praised the diversity of experience in his resume. "I'd done network administration, I'd worked with hardware and maintaining the general software you find on networks." He also had experience in Internet development, media services, Linux and some Visual Basic and C++ programming. "A lot of that came out of taking evening classes and finding applications for it in the positions I was in," he says. "I'm always looking to build up to the senior level in a specific specialty."

He fears, however, that the constant night classes, new books and projects will lead to burnout. Not to worry; by then, he hopes to have advanced to a position where he won't need as much depth of knowledge: management.