Henry Blodget publishes Business Insider. Blodget is a former managing director of Merrill Lynch who rose to fame in the late 1990s on his timely and correct prediction that Amazon stock would reach $400, then lost his $12 million/year job following the burst of the dot.com bubble, and then was permanently barred by the Securities and Exchange Commission over fraud allegations*. Blodget still has outstanding sources and contacts within the tech sector. In a post at his website, Blodget discusses the current excitement about tech companies like Google and Apple exploring automotive ventures, which some say are aiming at becoming the next Dr. Ing. h.c. F. Porsche AG. Not only does he say that the tech sector is cyclical, that the current bubble will also eventually burst and that Apple’s outsized success with their smartphones has been anomalous even for that now routinely successful firm, he makes some sound arguments the next Porsche AG is not likely to come from the Silicon Valley.
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