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While it took Instagram two years to reach 100 million users, and Fortnite 18 months, Zoom reached that milestone in just 90 days. Technology has been a key investment area with strong structural tailwinds for some time, and the effects of COVID-19 have accelerated this trend. To put this in context, data is being created at an unprecedented rate, with an increase of 50% from pre-COVID-19 levels. Moreover, two of the largest technology companies in the U.S. have a combined market capitalisation of over US$2 trillion, which is the total of all the companies on the STOXX 50 European Equity Index (as of May 2020). These developments, coupled with the strong performance of technology stocks globally so far this year, have prompted some to ask whether we are on the verge of another asset bubble?

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