Ever heard of Yandex? The little-known Russian search engine raised a whopping $1.3 billion in its recent Nasdaq IPO. Sign of a new tech bubble?
Not if you compare the sheer number of tech IPOs now to the amount at the height of the dotcom boom. But the share of tech IPOs is growing. That's because there's been a sharp drop in U.S. IPOs overall, making tech IPOs a bigger part of the game. Emerging-market ventures are turning more to local exchanges to raise capital, but not for tech. Why? Because foreign companies think American investors have a sweet tooth for tech, making the U.S. a global tech magnet. That is, until the music stops again.