Snapchat Pumps Hot Air Into the Tech Mania

For much of the year, there has been a growing nervousness that the second tech bubble is about to burst.

Unlike the first dotcom bust of 1999 and 2000, which was triggered by the sudden collapse of companies on the stockmarket, the second coming has largely been founded on the eye-watering valuations that a new generation of tech companies have managed to achieve through private fund-raisings.