The rapid collapse in technology shares after the Nasdaq peaked in March 2000 is called the dot-com crash.
The Nasdaq Composite reached 5,048.62 on March 10, 2000, after years of enthusiasm for internet businesses. Many companies attracted enormous valuations despite limited revenue, continuing losses or untested business models. When expectations changed, technology shares fell rapidly.
The crash marked the bursting of the dot-com bubble. The Nasdaq lost roughly 78% of its value from its 2000 peak to its October 2002 low. Numerous internet companies failed, while a smaller group with durable businesses survived and later became major technology firms.
The crash is not the same as the 2008 financial crisis. The dot-com collapse centered on equity valuations and technology companies, whereas 2008 involved housing finance, banks and a global credit shock.