THE MOST HYPED IPO OF THE DOTCOM ERA DIDN'T CAUSE THE CRASH. IT MARKED THE TOP.
SPACEX SHOULD MAKE YOU THINK.
🇺🇸 March 2000:
Palm went public in the most hyped listing of its time.
It opened at $150, then fell more than 50% within the same month.
Days later, the Nasdaq peaked. Then fell 78% over the next two years.
Palm didn't break the market. It was the symbol of a euphoria that had run out of road.
Now SpaceX lists at over $1,750,000,000,000, the largest IPO in history, while the S&P's tech weighting is heading past 54%.
In 2000 it topped near 35%.
I'm not calling a crash.
I'm waiting six months before I touch it.