Is the tech bubble back?

Technology is partying like it’s 1999. In 2013, there were 45 initial public offerings (IPOs) in the sector, the most in 13 years.

Facebook’s purchase of internet messaging service WhatsApp last week for $19bn – more than the value of firms such as Marriott International and Southwest Airlines – made 2014 the strongest start to a year for tech deals since the dotcom bubble peak in 2000.

And there are plenty of signs of irrational exuberance. “No algorithm based on terrestrial mathematics can make [the WhatsApp deal] compute,” says Robert Cyran on Breakingviews.

WhatsApp has [...]

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