icon bookmark-bicon bookmarkicon cameraicon checkicon chevron downicon chevron lefticon chevron righticon chevron upicon closeicon v-compressicon downloadicon editicon v-expandicon fbicon fileicon filtericon flag ruicon full chevron downicon full chevron lefticon full chevron righticon full chevron upicon gpicon insicon mailicon moveicon-musicicon mutedicon nomutedicon okicon v-pauseicon v-playicon searchicon shareicon sign inicon sign upicon stepbackicon stepforicon swipe downicon tagicon tagsicon tgicon trashicon twicon vkicon yticon wticon fm

Stock market today looks like the dot-com bubble, says legendary tech investor Bill Gurley

Stock market today looks like the dot-com bubble, says legendary tech investor Bill Gurley
The technology sector’s strong run since its March lows resembles the 1999 tech boom that preceded the dot-com bubble burst, said Bill Gurley, one of Silicon Valley’s biggest venture capitalists.

“There is certainly what I would call a highly speculative nature to the markets today, a willingness to take on risks, a willingness to get excited about projects that may be five or 10 years in the future, that we haven't seen since the ‘99-time frame,” Gurley told CNBC.  

“I really can't speculate or know exactly what it was, or the confluence of events that led to that, but we are living in a more speculative technology market for sure,” he added. 

Also on rt.com Top 6 US tech titans lose over $1 trillion in Wall Street sell-off

Similar concerns have been voiced by other investors like billionaire Stanley Druckenmiller who said in September that the market was in a “raging mania.” Another famed economist, David Rosenberg, pointed out that the cloud-platform Snowflake’s ballooning by as much as 165 percent on its IPO day, reminded him of a “frenzy that took place in the dot-com bubble.”

Last month, Barclays said in a note that stock valuations were at their 2000 peaks, and downgraded the FANMAG sector (Facebook, Amazon, Netflix, Microsoft, Apple and Alphabet/Google) to market weight.

For more stories on economy & finance visit RT's business section

Podcasts