That's their price, but price and worth are different things during periods of irrationality. I think it's pretty clear that people are projecting what Facebook

That's their price, but price and worth are different things during periods of irrationality. I think it's pretty clear that people are projecting what Facebook will be worth when it hits a Microsoft 00s style plateau, and deciding on what the price should be now to reflect that. After all, Yahoo's market cap peaked at $152 billion and Google's IPO was 1/6th today's price.