Twenty years after the dotcom crash, is tech’s bubble about to burst again?

Dramatic swings in stock prices are causing serious alarm - but these huge companies are no longer fragile startups

Everybody loves a party ... but, inevitably, after a big party there's a hangover," billionaire investor Stanley Druckenmiller said last week as stock markets seesawed amid fears that a new tech bubble was about to burst. Right now, we're in an absolute raging mania," he said.

And at times it did look like a tech bubble was about to burst again. Last Tuesday, Tesla's shares fell 21% and Elon Musk's net worth plunged $16.3bn (12.7bn), the largest single-day wipeout ever for a member of the Bloomberg Billionaires Index. Amazon's founder, Jeff Bezos, lost $7.9bn. The whiplash continued throughout the week but, for many market watchers, it is still too soon to call time on tech's stellar rise.