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In page Dot-com bubble:

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The dot-com bubble burst in March 2000, with the technology heavy NASDAQ Composite index peaking at 5,048.62 on March 10[7] (5,132.52 intraday), more than double its value just a year before. By 2001, the bubble's deflation was running full speed. A majority of the dot-coms had ceased trading, after having burnt through their venture capital and IPO capital, often without ever making a profit. But despite this, the Internet continued to grow, driven by commerce, ever greater amounts of online information, knowledge, social networking and access by mobile devices.[citation needed][8]