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The Covid-19 crisis has created an unprecedented boom among global tech stocks, but it has become clear that the largest technology companies are expensive, and possibly in their own stock market bubble. While their revenues increased during lockdown, and many technology trends have accelerated, their valuations have skyrocketed.

The largest five companies in the world are now all technology companies, excluding Saudi state oil company Saudi Aramco, which was established in 2019 with an initial public offering that gave it a market capitalisation of $1.9-trillion. However, only 1.5% of the company was floated on the Saudi stock exchange...

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