The NASDAQ Internet Index is up 46% in April 2014 over the past year, even though it was down 12% in March-April 2014 as investors grew wary over high price rises for stocks in the "cloud," "big data" and "social" fields. Investors turned to old tech stocks such as Microsoft which were seen as value stocks because of lower price and valuations. Gallagher suggests watching the IPO market for signals of where this market is headed. In the 1st quarter 2014 companies raised $10.6 billion in the U.S., the busiest quarter since 2000. 103 companies submitted initial IPO filings in the same quarter. Venture Capital has invested $29.4 billion in 2013, an increase of 7% from 2012, according to MoneyTree Report. Even though the NASDAQ Composite Index is down 5% over the last 30 days, Gallagher points out that the NASDAQ has witnessed 4 drops of about 10% since 2010.