Days Before Selloff, Tech Hit a Milestone Not Seen Since 2000
- Technology swelled to biggest industry in MSCI World Index
- Rising valuations cast doubts about further upside however
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Well, that didn’t last long.
Just days before technology stocks tumbled, relentless investor appetite caused the group to become the largest industry in the MSCI World Index for the first time since the dot-com bubble. For a fleeting moment, tech surpassed financial companies to become the biggest out of 11 groups in the index, occupying an 18 percent weighting.