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American technology valuations ‘in bubble territory’

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The American technology sector has mushroomed to be as dominant today as it was at the peak of its boom nearly a quarter of a century ago, raising suggestions from one investment bank that it could be back in bubble territory.

The IT sector represents 33 per cent of the entire US stock market, a peak last reached in 2000, in the early stages of a brutal sell-off.

In a sign of how far the rally has come, Microsoft last night beat Apple’s record market capitalisation and ­became the first American public company to be worth more than $3.13 trillion, beating the record set last July by Apple, which is now worth $2.92 trillion.

On the back of those rising market values, the S&P 500,

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