The Data Shows No Evidence of a Tech Bubble

Harry MamayskyAdvisor Perspectives welcomes guest contributions. The views presented here do not necessarily represent those of Advisor Perspectives.

Tech stocks have had a great year in 2023. Despite many prognostications to the contrary, a rational evaluation of the evidence does not suggest a price bubble in tech or the overall market.

This has been a good year for the overall stock market and a great year for technology stocks. The Nasdaq 100 index – a good proxy for technology stocks – is up a whopping 39% since its late-2022 lows and up over 114% from its trough during the COVID-19 pandemic in 2020. Such strong stock performance has elicited the inevitable contention that there is a bubble in tech stocks that is waiting to snare unsuspecting investors.


Google search volumes for “market crash” are trending near their levels in October 2008 in the immediate aftermath of the Lehman Brothers bankruptcy in September of that year. Justified or not, there is certainly a lot of concern about the possibility of a stock market bubble from investors and the news media.

google trends