IN TROUBLED TIMES people take comfort in the familiar. Covid-19 1 has upended many things, but tech-stock prices have proved impressively invulnerable. The Nasdaq, a tech-heavy stock index, has leapt by 25% since the beginning of 2020, taking its total rise over the past decade to over 400%. Were it not for a handful of tech giants like Apple and Microsoft, the s&p 500, another share-price index, would be down so far this year. Not since the boom of the late 1990s have technology firms inspired such exuberant trading. For punters the comparison should be a sobering one; after a peak in March 2000 the Nasdaq crashed, eventually losing 73% of its value. But the economic differences between the two eras should be more unsettling than any market similarities.
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