Tech Bubbles And The Roman Empire

Bye bye bubble - hello value

Thinking about a tech bubble today is as old and outdated as that "How often do you think about the Roman Empire" TikTok meme. The following charts states this clearly. There is no tech bubble now at least in terms of valuation; only an already deflated bubble.

Could there still be tech excess? Sure. Hyperscaler capex may yet prove to be the next fault line, the kind of overinvestment cycle that eventually drags everything down. But that’s an entirely different debate.