With internet stocks reaching the highs of the dotcom boom, the president of the Nasdaq exchange has dismissed any fears of a new tech bubble.
The Nasdaq Composite index hit 5,000 points for a brief period last week.
The last time it reached that level was 15 years ago at the height of the technology bubble - which burst soon after and dropped to 1,500 points.
Exchange president Adena Friedman said: "I was there in 2000. It was a very, very different index then. If you look at the index today, we now have three of the five largest companies in the world.
"I personally think that tech is in a huge growth phase. There is a rationale for the types of valuations that these companies are getting based on the growth opportunity globally for technology and biotech."
Nasdaq hosts Apple, Facebook and Google, and has also attracted non-tech companies such as Starbucks and the Marriott hotel chain.
But many companies are opting to turn to private markets for funding, including Airbnb, Snapchat, and Uber - which is one of the most highly valued unlisted companies.
Among the companies that failed during the 2000 crash were boo.com - which spent $188m (£126m) in six months to create an online fashion store - and pets.com.
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