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| | AEI - Short Publications |
 | | Even the tech stocks are breaking down into the really hot ones, like Qualcomm (up 1,500 percent), Real Network (up 700 percent), or CMGI (up 700 percent), and the "older" hot high-tech stocks, like Amazon.com, Microsoft, Intel, and others, that have risen merely in the 50 to 100 percent range for 1999. |
 | | The SandP high-tech sector is clearly in a bubble that is distorting both the allocation of capital and the behavior of the overall economy. |
 | | But the rise in tech stocks has been spectacular enough to preserve 15 to 20 percent increases in the overall indices, and thereby to continue to support a high level of spending growth in excess of income growth. |
| www.aei.org /publications/pubID.11126/pub_detail.asp (3248 words) |
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