Interesting comparison with the dot.com crash. Some elements are similar this time, in particular the end of the easy money for start up.
One of the sector which is the most impacted is fintech. FT just reported that Klarna valuation has now collapsed by 86 %.
Unlike the dot.com crash, there is now a major difference for tech companies : - on one hand, there are the start ups which have not yet reached breakeven and will struggle to raise more capital, - on the other hand, there are established companies (in particular among SAAS companies) which are now profitable and benefit from a good visibility on their business, thanks to their subscription model. After the recent correction for all the tech companies, this kind of established companies could be re-rated as they benefit from the decrease of long term rates, while their earnings look stable. Major risk seems to be the strength of the USD, as these companies are usually American and have a significant part of their business out of the US.
