Ad Tech Could Be the Next Internet Bubble

Or, as Hwang puts it: “The whole edifice of online advertising is, in short, bunk.”

These problems aren’t entirely new, of course. Hwang cites an adage attributed to the 19th-century businessman John Wanamaker: “Half the money I spend on advertising is wasted; the trouble is, I don’t know which half.” But Wanamaker was grappling only with the problem of attribution—figuring out whether the money he spent on a newspaper ad, say, drove sales that otherwise wouldn’t have happened. Today’s programmatic advertising has that issue in spades, plus the extensive problems of placement and fraud. At least Wanamaker could check that his ads had actually appeared in the newspaper.

Had the biggest ad agencies of the analog age—companies like Oglivy or WPP—gone belly-up in the 1980s, the fallout would have been limited to Madison Avenue. Now the central players are Facebook and Google, with Amazon racing to join them. Those three companies alone account for roughly 10 percent of the US stock market’s total value. Their destiny is bound up with that of the global economy.

What would it look like if the ad bubble burst? Hwang compares today’s units of online ad inventory with the toxic securities of 2007: Both derive their value from an overvalued, hidden asset. (For one, it’s a shaky home mortgage; for the other, a user’s putative attention.) It would be more apt, however, to compare those pre-recession financial instruments with the stocks of companies that make their money from digital advertising. The sale of a moment of an internet user’s attention is a one-time transaction. A financial bubble, however, requires an investment made at time A to prove worthless at time B. A mortgage-backed security is, well, a security: an investment backed by the future value of the underlying mortgages. A share of Facebook or

Here’s How Much Investing $1,000 In The 5 Biggest Dot-Com Bubble Tech Stocks Would Be Worth Today

Despite an ongoing pandemic and the U.S. economy barely limping along, the Nasdaq is still trading more than 50% above its March lows. The surge in tech stocks in 2020 has understandably led investors to draw comparisons to the dot-com bubble in 2000.

The Nasdaq ultimately peaked at 5,048.62 on March 10, 2000. Of course, some dot-com bubble stocks have performed much better than others in the 20 years since the bubble burst.

FANG Stocks Of Dot Com Bubble: Today’s investors are very familiar with the FANG stocks, Facebook, Inc. (NASDAQ: FB), Amazon.com, Inc. (NASDAQ: AMZN), Netflix, Inc. (NASDAQ: NFLX) and Alphabet, Inc. (NASDAQ: GOOGL) (NASDAQ: GOOGL). These four stocks both led the bull market since the 2008 financial crisis and dominate today’s market with their massive market caps.

The dot-com had its own growth of FANG-esque stocks that dominated the tech sector back in 2000:

  • Microsoft Corporation (NASDAQ: MSFT) reached a dot-com bubble peak market cap of $561 billion back in March 2000.

  • Cisco Systems, Inc. (NASDAQ: CSCO) reached a peak market cap of $555.4 billion.

  • Intel Corporation (NASDAQ: INTC) peaked at a $509 billion market cap in August 2000.

  • Oracle Corporation (NYSE: ORCL) had its dot com market cap top out at $245 billion in March 2000.

  • Finally, IBM (NYSE: IBM) had a peak dot com-era market cap of $215 billion.

Altogether, these five tech stocks had a peak combined dot com market cap of more than $2.08 trillion, but that valuation certainly didn’t last for long.

See Also: 5 Ways Today’s Market Resembles The Dot-Com Bubble

Dot-Com Bubble Fallout: A year after the Nasdaq peaked in March 2000, the Nasdaq was down 59.3%. All five of these big tech stocks had taken a hit. IBM was the most resilient of the group, declining just 5.4%. Microsoft shares

Legendary tech investor Bill Gurley says today’s markets remind him of the dot-com bubble



Bill Gurley wearing a suit and tie: Reuters


© Reuters
Reuters

  • Legendary tech investor Bill Gurley told CNBC on Friday that the stock market reminds him of the late ’90s dot-com bubble. 
  • “There is certainly what I would call a highly speculative nature to the markets today, a willingness to take on risks, a willingness to get excited about projects that may be five or 10 years in the future,” the Benchmark partner said. 
  • Other investors like Stanley Druckenmiller have drawn similar conclusions about today’s technology stocks. 

Legendary venture capitalist Bill Gurley told CNBC on Friday that the stock market reminds him of the late-1990s tech trading environment that led to the dot-com bubble.

“There is certainly what I would call a highly speculative nature to the markets today, a willingness to take on risks, a willingness to get excited about projects that may be five or 10 years in the future, that we haven’t seen since the ’99 time frame,” the Benchmark partner said. 

He added: “I really can’t speculate or know exactly what it was, or the confluence of events that led to that, but we are living in a more speculative technology market for sure.” 

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Other investors have echoed these concerns about frenzied traders pushing technology stocks into dangerously high territories. The top five tech stocks — Microsoft, Apple, Amazon, Alphabet, and Facebook — make up nearly a quarter of the S&P 500. 

Billionaire investor Stanley Druckenmiller said in September that the market was in

iOS 14.2 Beta 2 Adds New Emoji Characters like Ninja, Pinata, Bubble Tea, Polar Bear and More

The second beta of iOS 14.2 introduces the new Emoji 13 characters that Apple previewed earlier this year as part of World Emoji Day.


New emoji options include ninja, people hugging, black cat, bison, fly, polar bear, blueberries, fondue, bubble tea, and more, with a list below.

  • Faces – Smiling Face with Tear, Disguised Face
  • People – Ninja, Person in Tuxedo, Woman in Tuxedo, Person with Veil, Man with Veil, Woman Feeding Baby, Person Feeding Baby, Man Feeding Baby, Mx. Claus, People Hugging
  • Body Parts – Pinched fingers, Anatomical Heart, Lungs
  • Animals – Black Cat, Bison, Mammoth, Beaver, Polar Bear, Dodo, Seal, Beetle, Cockroach, Fly, Worm
  • Food – Blueberries, Olive, Bell Pepper, Flatbread, Fondue, Bubble Tea, Tamale
  • Household – Potted Plant, Teapot, Piñata, Magic Wand, Nesting Dolls, Sewing Needle, Mirror, Window, Plunger, Mouse Trap, Bucket, Toothbrush
  • Miscellaneous – Feather, Rock, Wood, Hut, Pickup Truck, Roller Skate, Knot, Coin, Boomerang, Screwdriver, Carpentry Saw, Hook, Ladder, Elevator, Headstone, Placard, Transgender Symbol, Transgender Flag
  • Clothing – Thong Sandal, Military Helmet
  • Musical Instruments – Accordion, Long Drum

The update also features 55 gender and skin-tone variants, along with new gender-inclusive emojis that can be used as an alternative to gendered versions, such as person with veil and person with tuxedo rather than the current woman/man options.


As noted by Emojipedia, Apple previewed a handful of these emojis in July, but many of the new characters are being seen in their official form in the new beta.

After the Emoji 13 update, there will be a delay with Emoji 14 that will prevent the new emojis from being introduced in 2021. Emoji 14 will be released six months late, which means it likely won’t be able to be added to smartphones until 2022. There is a stop-gap Emoji 13.1 update planned for 2021, but it