{"id":499293,"date":"2026-06-14T13:52:19","date_gmt":"2026-06-14T13:52:19","guid":{"rendered":"https:\/\/www.newsbeep.com\/ie\/499293\/"},"modified":"2026-06-14T13:52:19","modified_gmt":"2026-06-14T13:52:19","slug":"stock-market-is-now-as-wild-as-it-was-during-the-tech-stock-bubble-the-irish-times","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/ie\/499293\/","title":{"rendered":"Stock market is now \u2018as wild as it was during the tech-stock bubble\u2019 \u2013 The Irish Times"},"content":{"rendered":"<p class=\"c-paragraph paywall \">Stock market volatility is normal, but the kind we\u2019ve seen recently is anything but. <\/p>\n<p class=\"c-paragraph paywall \">Should investors be concerned? Indices have retreated lately, with technology stocks hit particularly hard. <\/p>\n<p class=\"c-paragraph paywall \">Many of those same tech stocks, of course, had soared in recent months, so a wobble in an overbought market is not inherently concerning.<\/p>\n<p class=\"c-paragraph paywall \">What is concerning, however, are dotcom-era levels of market weirdness. In a note titled \u201cThe whirlwind is upon us\u201d, Acadian Asset Management\u2019s Dr Owen Lamont, an academic known for his research on the dotcom years, says the global stock market \u201cis now as wild as it was during the tech-stock bubble\u201d.<\/p>\n<p class=\"c-paragraph paywall \">He notes that in May, two memory-chip stocks, Micron Technology and South Korea\u2019s SK Hynix, generated 17 per cent of the MSCI All Country World Index\u2019s gain, even though they only accounted for 1.1 per cent of the index.<\/p>\n<p><img decoding=\"async\" alt=\"\" class=\"c-image audio_image\" src=\"https:\/\/www.newsbeep.com\/ie\/wp-content\/uploads\/2025\/11\/1754647931518-c07d65db-55b5-463e-ae51-976300c5837e.jpeg\"\/>\u2018No profit and crap governance\u2019 \u2013 is Elon Musk\u2019s SpaceX actually worth $1.75 trillion?<\/p>\n<p class=\"c-paragraph paywall \">In fact, April and May 2026 were the third- and fourth-most dispersed months (dispersion refers to how wide the gap is between the market\u2019s biggest winners and losers) in market history, behind only December 1999 and February 2000.<\/p>\n<p class=\"c-paragraph paywall \">This can cause havoc for active fund managers. If a global fund manager didn\u2019t own Micron and SK Hynix in May, says Lamont, they lagged their benchmark by roughly 0.9 percentage points in a single month. <\/p>\n<p class=\"c-paragraph paywall \">This could potentially create the kind of feedback loop seen during past speculative manias, where rising chip stocks force underweight managers to chase returns, reinforcing the move.<\/p>\n<p class=\"c-paragraph paywall \">Does this mean we\u2019re in a bubble? No \u2013 Lamont says high dispersion is a warning sign, not proof of a bubble. <\/p>\n<p class=\"c-paragraph paywall \">Sometimes, huge price moves reflect genuine changes in economic reality,  Lamont says, such as the market reaction to Covid vaccine news in 2020. Today\u2019s dispersion may \u201cbe a bubble symptom, a rational repricing of AI fundamentals, or some unstable mixture of both\u201d, he says.  <\/p>\n<p class=\"c-paragraph paywall \">We\u2019ll have to wait and see, but history suggests investors should at least pay attention when market statistics start looking this much like 1999.<\/p>\n","protected":false},"excerpt":{"rendered":"Stock market volatility is normal, but the kind we\u2019ve seen recently is anything but. Should investors be concerned?&hellip;\n","protected":false},"author":2,"featured_media":499294,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[72,2418,2419,61,60,123,1087],"class_list":["post-499293","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","tag-business","tag-economic","tag-financial","tag-ie","tag-ireland","tag-markets","tag-money"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/499293","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/comments?post=499293"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/499293\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media\/499294"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media?parent=499293"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/categories?post=499293"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/tags?post=499293"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}