The speculative boom and crash in technology stocks centered on the Nasdaq around 2000 was the dot-com bubble.
Investors poured money into internet-related companies during the late 1990s, often valuing businesses on expected future growth rather than profits or established revenue. Venture capital, easy access to public markets, and enthusiasm about the commercial internet encouraged many new listings. The Nasdaq Composite rose rapidly and reached a record closing level on March 10, 2000.
The boom reversed when investors began demanding clearer evidence of earnings and sustainable business models. Many companies failed, merged, or sharply reduced their workforces. The Nasdaq then lost a large share of its value over the next several years, making the episode one of the most important technology-market crashes in modern history.
The dot-com bubble did not mean that the internet itself was a failure. Companies such as Amazon and eBay survived and later grew, while many speculative firms disappeared. The key distinction is between a transformative technology and the unsustainable prices assigned to some companies using it.