I think some of the recently IPOed tech stocks must be viewed in this light. For example, Deliveroo is basically a platform for skimming off of a market which u

I think some of the recently IPOed tech stocks must be viewed in this light. For example, Deliveroo is basically a platform for skimming off of a market which until recently was mostly people working off books often without the correct insurance. They have undoubtedly unlocked some value in the system by allowing us to order from places which didn't previously provide that service (e.g McDonalds). But whether this justifies a £7bn valuation, I'm not convinced. I think so far investors have been lucky with some of the tech companies which have IPOed and then proven that they do have the potential to generate a profit. I don't think it will take too many of these unicorns to IPO and fail before the blood bath in the "tech" industry begins.