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20th anniversary of dot.com bubble bust viewed cautiously
- Wednesday | 19th February, 2020
Among the so-called “Four Horsemen” of tech stocks that fueled much of the 1990s tech rally, only Microsoft’s stock price has recovered from the dot-com bust. Intel and Cisco Systems remain below their 2000 highs, while Dell, the fourth member, has since been taken private and then relisted on the stock market. Intel and Cisco, no longer among Wall Street’s most-favored tech stocks after investors refocused on software, are trading at PEs in line with recent years. S&P 500 and tech PEs since dot.com eraBut across the stock market, earnings multiples are testing levels that followed soon after the dot-com bubble exploded. At the height of the dot-com era, technology stocks accounted for over 35% of the S&P 500’s value.
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