The tech bubble inflates some more

For those old enough to remember the last tech bubble it was given away by the rise of swags of unprofitable firms with vast valuations based upon delusional extrapolations of earnings. Hello Tech Bubble 2.0:

Good morning. Having survived the cold snap intact, FT Alphaville woke from our winter slumber this dreary Monday to find this excellent chart in our inboxes. Now, you might be aware that there’s some particularly speculative stuff going on in the US equity markets at the moment. Whether it’s the ridiculous GameStop saga, the electric vehicle-related mania, or the wider Spac-listed phenomenon, equity exuberance is everywhere. Measuring exuberance, however, is hard. Yet we think this graphic from Ross Yarrow, who is Managing Director of US Equities at Baird, does as good a job as any chart at capturing the general market madness at the moment. Gulp:

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