Goldman Sachs – Global Strategy Paper: 25 Years on; Lessons from the Bursting of the Technology Bubble

The main theme of the report is the analysis of lessons learned from the bursting of the technology bubble 25 years ago and a comparison with the current technology market situation in 2025.

Key findings include: Current valuations of technology companies are less extreme, and the sector's fundamentals are stronger compared to the bubble period. Technology cycles typically lead to expanded opportunities through the emergence of new competitors and the use of existing infrastructure to create new products and services. Although the technology sector is not in a bubble, diversification is recommended to capture multiple growth opportunities.