may be grabbing the headlines, but there’s an equally dramatic collapse in the share prices of many formerly high-profile US tech stocks, including familiar names such as PayPal, Netflix and Snap.
Not surprisingly, investors have been unnerved by the eerie resemblance between the latest rout in tech stocks, and the dot.com bubble two decades earlier.After all, the Nasdaq fell 28.9 per cent from its peak last November to its low last week, an almost exact replica of its action two decades earlier when it tumbled 28 per cent between February and May.
Since March this year, the Fed has lifted interest rates by 75 basis points, and has signalled that it will continue to do so to the point where they begin to bring stubbornly high US inflation under control. As a result, investors expect the Fed to raise rates by a further 50 basis points in June and July.
When certain milestones are met – such as developing their technology to a certain level, or hitting a certain target for revenue, or customer numbers – start-up companies seek to raise additional funding that will fund their operations until they reach the next milestone. Some leading venture capital specialists warn that we’re now at risk of seeing this pattern repeated.
And that means even those venture capital investors that have been prudent in setting aside enough cash to invest in future funding rounds could find themselves under financial strain, as they’re called on to commit more capital to cover the shortfall caused by their co-investors dropping out of subsequent funding rounds.
Honestly, people are probably better off stacking sats.
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