A rout in some of the world’s largest internet and cloud software stocks could devalue or delay several high-profile US initial public offerings that had been planned for the second quarter, bankers and investors have warned.
An extended slide in the technology-heavy Nasdaq index continued on Monday, putting Twitter and China’s Tencent in bear market territory, with their stocks off at least 20 per cent over the past month.
Big investors are reassessing risk in a sector where valuations rose sharply last year and Facebook has used its elevated stock price to fund high-profile deals. Recent comments by Janet Yellen, Federal Reserve chairwoman, which pointed to earlier interest rate rises than had been expected, have provided another catalyst.
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