The document discusses the "IT bubble" phenomenon that occurred in the late 1990s in the United States, where excessive investment was made in IT and internet-related companies. Rapid development of the IT industry led investors to invest excessively, fueling abnormal growth in stock prices of many new internet startups from 1999 to 2000. However, the bubble burst around spring 2000 as many companies could not deliver on their business models. The effects of the IT bubble were also felt in the Japanese economy and stock market during this period. Recovery began in 2002 as demand increased for new communication technologies and equipment, aided by an economic pickup in the second half of 2003.