General Discussion AGY, page-3260

I disagree, the Nasdaq is based on technology stocks, and especially the similarities with he dotcom bubble in 2000 is striking.
At that time it was a whole inflated technology sector to which the latter chart was applicable.
We may differ about opinion whether it is applicable to business or a multi decade nasdaq chart, however, the dominating factor explaining the latter chart is market sentiment based on human emotion/nature, and that does not change whether its general market sentiment or an individual stock.
You can also see the same pattern very clearly in the 2018 bitcoin/crypto crash.