The 1990s technology-stock bubble whose collapse triggered a major market downturn was the dot-com bubble.
The bubble formed as investors poured money into internet-related companies, many of which had limited revenue or no profits. New businesses often adopted web-based names and raised substantial capital through initial public offerings, while expectations about internet commerce pushed valuations higher.
The Nasdaq Composite peaked at 5,048.62 on March 10, 2000. It then fell steeply as investors reassessed technology companies, rising interest rates increased the appeal of safer assets, and many firms failed to meet optimistic forecasts. The downturn contributed to a recession in the United States, although the internet itself continued to expand.
The dot-com crash is not the same as the 2008 financial crisis. The earlier event centered on technology valuations and startup financing; the later crisis centered heavily on housing credit, banks, and complex financial products.