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But the latest survey reflected fears that the enthusiasm may have gone too far: 38% of managers thought that betting on tech stocks was the “most crowded trade” ; a net 9% had cut their exposure in the previous month.
但是最近的一個調查反映已經有人開始擔憂是否對科技股的熱情過頭，38%的管理者認為在科技股上下注是最擁擠的貿易，前一個月有9%的帳戶已經減持科技股了。
The risks facing the tech industry now are rather different from those that surfaced in 2000.
現在科技行業目前面臨的風險和2000年的有很大不同。
Then, it became clear that many companies would burn through their cash long before they made a profit.
當時，很明顯的一點是許多企業在開始盈利之前很久一直在燒錢。
This time, the industry is more mature; Apple's fastest growth is surely behind it, for example.
現在，科技行業更加成熟，例如蘋果公司的最快發展速度明顯跟不上行業發展速度。
Whereas the sector was generally held in high regard in 2000, it is now the object of more suspicion, whether it is public concern about individuals' privacy, Donald Trump's anti-Amazon tweets or EU fines against American tech giants.
2000年科技股被普遍高度重視，現在卻成了懷疑對象，是否公眾會擔心個人隱私問題，Donald Trump的反亞馬遜tweets 或者歐盟反對美國科技巨頭開出的罰單。
Regulation may yet prove a barrier to tech's long-term growth.
監管還沒有被證明是科技長遠發展的絆腳石。
So, history isn't repeating itself exactly.
所以，確切地說歷史并沒有重演。
There is nothing like the same stockmarket euphoria as there was at the turn of the century.
盡管現在有著當時的成交量，但一點也沒有當時股票市場的瘋狂。
Few people are trying to day-trade their way to riches or setting up a dotcom franchise to sell dog food.
沒有人會想著通過一天交易就變富裕或者建立網絡公司的特許經營權來出售狗糧。
And tech stocks are not as much of an outlier as they were (along with media and telecoms firms) in 2000, when many investors abandoned “old economy” companies in retailing and heavy industry.
而且，科技股（包括媒體還有電信公司）已經不再像在2000年一樣是“局外人”，當時許多投資者避免投資零售業和重工業這樣的“老經濟”公司。
But there is still plenty that can go wrong.
但是仍然有很多誤入歧途。
The overall market is on a cyclically adjusted price-earnings ratio of 30—a level surpassed only in 1929 and the late 1990s.
所有的市場都在圍繞30%左右的市盈率進行一個調整性周期，這個水平只在1929年和二十世紀90年代末曾被超越過。
If the Federal Reserve tightens policy too aggressively, or the American economy slips into recession (or both), tech investors will get that sinking feeling again.
如果美聯儲采取過于緊縮貨幣的政策或者美國經濟變得蕭條（或者兩種情況都發生），那么科技股投資者就會再次感到沮喪。
譯文來源考研英語時事閱讀
