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REUTERS/Mike Blake


The chief operating officer of Goldman Sachs, one of the leading advisers to technology companies, has said the tech scene is “bubble-ish.”

Goldman Sachs COO Gary Cohnfell short of describing the market as a fully developed bubble, however, saying that the heady valuations enjoyed by technology companies are different from those experienced in the firstdot.com boom.

“There’s a massive difference today, versus 2000 to 2001,” he told attendees of The New New York, a conference panel hosted by the Partnership for New York City. “Today when you look at the companies we’re talking about that are bubble-ish, they’re real companies … we can’t envision our lives without them.”

Cohn put things into perspective, using what he called “the Marc Andreessen point,” which, in this case, is that the combined valuation of every so-called unicorn in the tech sector doesn’t yet add up to the valuation of Silicon Valley’s king: Apple.

“What I think we’re smart enough to know is there’s been a fundamental shift in the world we live in,” Cohn told conference panel attendees.

As reported by Business Insider