The tech industry is close to being caught up in another bubble of roller coaster valuations, the chief executive of Russian investment giant Sistema told CNBC.
Mikhail Shamolin, board director and chief executive of Sistema, an investment company holding majority stakes in a number of Russian telecommunications, media, utility and retail businesses, said he was seeing a repeat of the pattern of the tech bubble of the early 2000s.
"Now it is the era of so-called unicorns," Shamolin told CNBC at the St Petersburg International Economic Forum, referring to the large-scale tech companies with billion-dollar valuations.
"And people believe unicorns are going to make money no matter what because they are unicorns and there (isn't) that much competition around. And they're so much about scale that, no matter what, they are going to start making money."
"And maybe they're right. I mean no one has got a crystal ball. But I would definitely say from my perspective that risks are increasing of a bubble being formed and eventually bursting."
Sistema has seen a turnaround in its fortunes over the last two years, with the conglomerate reporting a 2.5 billion ruble ($37 million) net income for the first quarter compared to an underlying net loss a year ago, Reuters reported at the start of the month.