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Big Tech may fail: On dot com bubble anniversary, a truth to remember

Today's tech giants have more substance to keep them aloft than those that dominated during the tech-stock boom, but they still may not be great investments

Then Microsoft CEO Bill Gates (left) stands beside a model  of the new Windows 95 product days before its launch. People at the Apple Expo (right) in CNIT centre, Paris, on September 15, 1995. Microsoft and Apple were major players in the personal-co
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Then Microsoft CEO Bill Gates (left) stands beside a model of the new Windows 95 product days before its launch. People at the Apple Expo (right) in CNIT centre, Paris, on September 15, 1995. Microsoft and Apple were major players in the personal-co

Justin Lahart | WSJ
One difference between the tech giants of the dot-com era and tech giants now? Today’s juggernauts really are massive, and not just in the eyes of exuberant investors. That doesn’t mean they don’t present risks.

When the dot-com bubble reached its apex on March 10, 2000, the prices put on that era’s major tech companies made them simply too big to ignore. Microsoft , Intel and Oracle — a group that earned the moniker “the four horsemen” (with Dell Computer sometimes taking Oracle’s place)—accounted for about 13.9 per cent of the S&P 500’s market capitalization.

Among those old favorites, only