There's a distinctly dot-com-ish feel at the moment, as even tech companies that once seemed untouchable are taking massive tumbles in the stock market, Axios Markets author Matt Phillips reports.
Why it matters: Stocks that led the market for much of the past decade have fallen on hard times after surprisingly weak earnings from major tech companies.
Meta's 75% collapse since its September 2021 peak has destroyed more than $800 billion in stock market wealth.
Amazon shares collapsed after it, too, posted disappointing results — and a Q4 warning — at the close of trading Thursday.
Data: FactSet; Chart: Axios Visuals
The other side: Twitter and Apple are exceptions to the rule.
Elon Musk closed his deal to purchase Twitter at $54.20 per share. One source inside Twitter noted they wouldn't be surprised if Twitter's stock would have been trading at $15 sans the deal drama — a figure similar to some of its competitors like Snap and Pinterest, Axios' Sara Fischer and Dan Primack write.
Apple announced earnings on Thursday that narrowly exceeded expectations and became an exception to the recent drop in some Big Tech stock prices.
Zoom out: The tech stock collapse has drawn comparisons to the industry's last bubble, which burst in the early 2000s.
The original dot-com bubble — which peaked in March 2000 — burst with a slow-moving crash that sank the S&P 500 by roughly 50%.
