When shares in the US food delivery app DoorDash jumped by 86 per cent on their first day of trading last month, it did not take long for sceptics to start frothing about another tech bubble.

DoorDash has never generated annual net profits. It has warned investors the losses will only continue as it prioritises growth. Analysts have questioned whether these “on-demand” ecommerce businesses can ever make money. Yet DoorDash is valued at around $50bn; Uber’s market capitalisation is now around $100bn.

With Deliveroo’s multibillion-pound initial public offering soon to follow in the UK, despite 2019 losses swelling to ￡318m before the pandemic boosted its profitability, I can see why some investors may look back in anxiety at the 2000 dotcom bust.