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On March 10, 2000, the tech-heavy Nasdaq Composite Index reached a high of 5048, doubling in just one year as the tech sector rode a wave of dot-com startups with names like Pets.com and Webvan. The creation of the World Wide Web in 1989 sparked the rise of dot-com startups looking to cash in on the internet revolution. Some of these startups became today's tech powerhouses, led by Amazon and Salesforce.
"There was so much talk in those days about 'capturing eyeballs,' but in many cases there was no way to get to a sustainable business model," he told Business Insider. Allen said that type of hubris "was a good lesson, especially today with the AI revolution making similar echoes." "He started laughing and then put his feet on the desk," Ives recalled. "That same day, many of my tech stocks were down more than 20% as the market started a panic selloff. The crash had started and much pain was ahead for many."
Bajarin of Creative Strategies Inc said: "The good news is that it separated the wheat from the chaff. Dot-coms with no business model were cast aside and only companies who could prove they could make real money got funding after that. It brought investing discipline to the formerera. Because of that companies like Facebook, Twitter, Uber and others were invented and helped spur the current tech boom that is still strong today.
Source: News Formal (newsformal.com)
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