Tech stocks are looking like 1999-style bubble again, according to a story by Jeff Sommer in the New York Times.
Rental middleman Airbnb is valued at $10 billion, or more than the Hyatt hotel chain. King Digital Entertainment went public on a $7 billion valuation on the strength of a single game, Candy Crush Saga. That’s almost as much as Electronic Arts, which has been making video games since 1982. Facebook’s valuation has exceeded $150 billion, making it easy for the company to spend $2 billion on virtual reality firm Oculus VR. The New York Times concluded that this is all a bunch of hot air.
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