Page 293 - DCAC Feb 2026 Files
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Dot-com Bubble vs. Today
• Although many investors fear that the irrational exuberance of the Dot-com bubble is being
exhibited today, metrics such as price-to-earnings would indicate that the story is not so simple.
“Four Horsemen” of the Dot-com Bubble: Price vs. Earnings Magnificent 7: Price vs. Earnings
Four Horsemen: Microsoft, Cisco, Intel, and Dell, 100 = 1/1/1998 100 = 1/1/2020
Source: Capital Group, Bloomberg. Data aggregates forward 12-month net income and market capitalization for the “Four Horsemen” of the dot-com era: Microsoft, Cisco, Intel and Dell (left), and the Magnificent Seven: Nvidia, Microsoft,
Apple, Amazon, Meta, Broadcom and Alphabet (right). Data as of 11/30/25.
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