I was there in 2000, and we all thought those tech companies were real businesses! Most of today’s tech companies don't really look all that much different.
People point at pimentoloaf.com or whatever and laugh. But when those companies went under, they took away real dollars from "real" B2B companies. And then when those companies went under, "real" companies who depended on them went under. And so on.
"In 2000, the Nasdaq superheated due to the large number of companies that skyrocketed into the public markets fueled by fanciful metrics disengaged from revenue."
Interest rates have been held around zero since almost the dot com crash and certainly since 2008. No wonder VCs were given gobs of cash to try and eek out a better market return. The injection of cash on Wall Street resulted in huge amounts ending up in the stock market, perpetuating those returns once they went public and encouraging more VC activity. Is there any realistic forecasted revenue stream that justifies the valuations of some of these companies?
Some good companies and good prospects are going to get lost when this monetary bubble bursts. It's a shame, but inevitable considering how long the Fed has been holding their finger on the scale.
Applications and websites that should be more than fine to be rendered on MVC frameworks are now sending several megabytes of javascript down the wire, as a result our devices have more memories, more computing power, thereby consuming more energy than ever before contributing to the growing global warming crisis that we are only beginning to witness now.
Coupled with lobbying for not regulating personal data in databases connected to the internet thereby allowing a select few giants to essentially act both as cartels to monopolize the arbitrage of the data of everyone on earth. The labor market are also controlled as a result of this monopoly, it feels like the best version of state sanctioned businesses: self-sufficient on its own while gathering data on everyone as the price of privacy is artifically suppressed.
pets.com => Chewy. Also PetSmart operates the pets.com domain now apparently.
webvan => Amazon Fresh, Instacart
kozmo => DoorDash, Uber Eats, etc.