To me, this seemed like the major logical disconnect in the article. There's obviously still money in web companies, but the "next Google" is much more likely

To me, this seemed like the major logical disconnect in the article. There's obviously still money in web companies, but the "next Google" is much more likely to be acquired by the current Google than ever realizing that potential, which means the next big Google-sized investment is pretty much guaranteed to be anything but a web company. The people acting like KP is insulting their mother by ignoring Web 2.0 companies are playing around with a lot less money (I'd guess by at least an order of magnitude), and the author is doing a disservice to the readers by conflating them.