A decade and a half after the dot-com bubble burst, the Nasdaq composite index finally hit a new intraday high this past week, eclipsing its tech-bubble era levels for the first time. With fresh records, however, came fresh concerns that another bubble could be brewing in the tech sector.
And according to legendary tech investor Roger McNamee, a "giant bubble" is indeed forming in tech, but that's not necessarily a bad sign for the economy.
In an interview on CNBC's "Fast Money" this week, McNamee—who co-founded venture capital firm Elevation Partners—said the market is currently "climbing a wall of worry," and that it should see a correction.
"It's been seven years since the last correction," he said. "It now appears that it's likely to come from some source we're not thinking about."
Despite his anxiety over a potential correction and its unforeseen causes, the "giant bubble" forming in the tech market could actually end up being a "positive for the economy" on the whole, he said.