Most of what you see is vaporized glycerin (vegetable glycerin). I can't prove it, but I don't think there's enough heat to generate a cloud of visible steam, although there is some water in the vg.
Both PG and VG are humectants. When you vape, the vaporized PG or VG basically sucks water out of the air in your mouth/lungs, the exhaled vapor is mainly all the water that the PG/VG has attracted.
That's why you have to drink a lot of water -- vaping dries you out.
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