I'm not completely certain we're not in some kind of bubble, but I can say that if we are, it pales in comparison to where we were in the '98-'01 era. EToys.co

I'm not completely certain we're not in some kind of bubble, but I can say that if we are, it pales in comparison to where we were in the '98-'01 era. EToys.com had a peak market cap of $10 billion. PlanetRX.com had a peak market cap of $10.8 billion, and I don't even remember that one. Though they were and are still successful, Amazon and eBay had market caps of $28 billion and $17 billion respectively in early 1999 -- long before they had near-term prospects of showing a profit. In comparison, $10 billion for Facebook today doesn't seem all that unreasonable. References: http://www.businessweek.com/magazine/content/01_20/b3732716.htm http://www.businessweek.com/magazine/content/01_20/b3732716.... http://www.ecommercetimes.com/story/189.html http://www.ecommercetimes.com/story/189.html