Loss-making Twitter has been valued at $10bn. Facebook is said to be worth more than Ford. Now, for some investors, the alarm bells are starting to ring

This article titled “Is this the start of the second dotcom bubble?” was written by Dominic Rushe in New York, for The Observer on Sunday 20th February 2011 00.05 UTC

Two years ago, anthropologist Sekai Farai was awarded a grant by Columbia University to study the technology startup community. Her timing couldn't have been better: a new goldrush is under way as twentysomethings from New York, London and San Francisco dream of making their fortunes from a new generation of internet companies.

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