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