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Donzé says the tech rally doesn't match the late 1990s. That closes one debate and opens another.

8/27/2026

The late 1990s is the wrong map for this tech rally, Donzé argues. That's the reassuring version of events.

The complication is that diverging from a prior bubble's pattern is not the same as demonstrating that excess is absent.

The case for Donzé's view rests on the observation itself: the current technology sector rally is tracing a different path than the one that preceded the dot-com collapse.

If the setups don't match, the analog breaks, and the most persistent bearish frame for this market loses its footing. The counterargument is structural. Every cycle departs from the last one.