Marc Andreessen takes a longer view than most on the debate about whether the tech sector has become overheated.
“I don’t think we’re in a bubble. I think we’re in a bust,” the co-founder of Andreessen Horowitz said at the Fortune Global Forum in San Francisco on Tuesday. “Tech has been undervalued ever since 2000 and is still undervalued.”
Andreessen said that the basket of tech companies known as unicorns — those valued by private investors at $1 billion or more — “is certainly too low.”
“The entire basket of unicorns is worth about half a Microsoft,” he said. “You need a couple to take off and it will become really clear in retrospect clear the basket is undervalued.”
Read more: New York Business Journal Marc Andreessen: It’s not a tech bubble, it’s a tech bust