Goldman Sachs has sought to reassure clients spooked by the recent falls in tech stocks, saying the US is unlikely to suffer a 2000-style crash.
Last Thursday, the tech-focussed Nasdaq fell 3.1%, its worst single-day performance since 2011.
Shares including Apple and Google all retreated from highs, taking many stocks into the red year-to-date.
But in a note, Goldman analyst David Costin said valuations were at more sensible levels than in the previous tech bubble in 2000.
“We believe the differences between 2000 and today are more important than the similarities, and the recent momentum drawdown is unlikely to precipitate a more extensive fall in share prices,” he said.
The note pointed out in 2000 tech companies made up a third of the S&P 500's market cap, despite producing 14% of earnings. Today, the figure is an evenly-matched 19%.
The bank also said the state of the tech IPO market, while bouyant, had yet to reach the levels seen in 2000.
Some 63 companies have listed since the beginning of the year, raising $11bn. In the first quarter of 2000, 115 companies floated, raising $18bn.
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