Tech Company Valuation: 1999 and 2011

It's hard to say for certain whether we are in a dangerous valuation bubble for Internet companies or not, as we were around 2000.

It is clear there is an enormous wave of Internet innovation going on at the moment. But there will be excesses and failures, as well as some big new market leaders.

But one difference seems to be that all the emerging companies are applications and software firms. You'd be hard pressed to name a hardware company that is among the emerging firms.