I believe the valuation that Facebook is running on is predicated on an expectation of sustained future growth. Apple is a fast growing company, but I'm not su

I believe the valuation that Facebook is running on is predicated on an expectation of sustained future growth. Apple is a fast growing company, but I'm not sure that you can expect them to continue to grow at their current rate for as long as you can expect facebook to continue to grow at. The Smartphone market is growing very fast, but Apple have competition in this market now that Android has started to grow. I'm not saying Apple are loosing much marketshare, more than while a year ago it looked like they going to gain marketshare in a market that was growing, while now they are holding their own in a growing market. Facebook doesn't really have any serious competitors - myspace has slowed in terms of growth and is possibly shrinking while linked in are aiming at a different market. The only thing even on the horizon that could undermine them are federated social networks - and its far from proven that they are what consumers want. Its a high valuation and does smell like a bubble, but I wouldn't be surprised if Facebook hit $100 billion when they IPO assuming they can get to a billion users by then.