Memory superhighway: “Pip Coburn, a technology strategist at UBS, expects tech-sector multiples to contract in coming months to 15-25 times earnings. This, after all, is where they were from 1992 to 1996, before they shot to the stars in the late 1990s, and the capitalisation of technology companies rose from about 7% of the total stockmarket to almost 35%. It is now less than 15% and, to this columnist’s jaundiced eye, Mr Coburn’s analysis would seem, if anything, a touch rosy.”