Dot com bust 2.0 is here

There’s a distinctly dot-com-ish feel at the moment, as even tech companies that once seemed untouchable are taking massive tumbles in the stock market, Axios Markets author Matt Phillips reports.

Why it matters: Stocks that led the market for much of the past decade have fallen on hard times after surprisingly weak earnings from major tech companies.

Meta’s 75% collapse since its September 2021 peak has destroyed more than $800 billion in stock market wealth.
Amazon shares collapsed after it, too, posted disappointing results — and a Q4 warning — at the close of trading Thursday.