The dot-com bubble was a speculative bubble in the late 1990s characterized by a massive surge in the stock values of internet-based companies.

It was fueled by the widespread excitement and optimism surrounding the commercialization of the World Wide Web.

Venture capitalists invested heavily in new internet startups, many of which had no clear path to profitability.

Many of these 'dot-com' companies went public through IPOs (Initial Public Offerings), and their stock prices soared.

There was a widespread belief in a 'New Economy' where traditional business metrics like profit and revenue were seen as less important than growth and market share.

The NASDAQ stock index, which listed many of these tech companies, rose dramatically between 1995 and its peak in March 2000.

The bubble burst in 2000, leading to a sharp and sustained decline in stock prices.

Many dot-com companies went bankrupt and shut down, resulting in significant investor losses.

While the bubble burst, the era also produced major, lasting companies like Amazon and Google.

The dot-com bubble is a classic example of a speculative mania driven by excitement over a new technology.