Not exactly. There are profits this time around and consumers have embranced the Internet. But consider this:
Google has a market cap of just over US$81 billion. In 2004, the company had revenues of just over US$3 billion. By contrast, Time Warner had revenues of US$42 billion in 2004 and has a market cap of about US$80 billion.
Internet firms such as Google and Yahoo! (and AOL) are strong companies that have enormous long-term potential for earnings, but the competitive oneupsmanship of financial analysts setting higher and higher price targets for Google's stock isn't helpful to Google in particular or the online advertising industry in general.