高盛：2025年科技泡沫破裂25周年：经验与教训报告（英文版）

Twenty-five years ago this week, stock markets around the world collapsed as the technology bubble finally burst. Given the extraordinary rise in technology stocks in recent years, particularly in the US, and their correction so far in 2025, it is worth exploring the parallels and differences between the two periods and examining what lessons can be learned. The rise in technology stocks in the late 1990s, driven by exuberance around the commercialisation of the internet, was extraordinary in