Welcome back, bubble!

Just 10 months after making its Wall Street debut, Google has surpassed every other media company in value, with a market capitalization of more than $80 billion on sales of $3.2 billion. By contrast, Time Warner, with 2004 sales of $42 billion is in second place with a $78.1 billion capitalization.
Google shares trade at 50 times earnings estimates, with a per-share price approaching $300. Google’s main Internet competitor, Yahoo!, is worth $27 billion less, and not one of 30 economic analysts surveyed lists Google as a sell.
Google founders Larry Page and Sergey Brin could not be reached for comment, since they were laughing too hard on their way to the bank to catch a breath.

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