The second Internet boom has just begun, according to Mary Meeker, Morgan Stantley's MD:

"Meeker has observed patterns emerge over a decade that are critical to the Internet's success as a commercial proposition. In terms of company creation, she saw a boom followed by a bust and now a boom-let. On the wealth creation side, a boom-let led to a bust followed by a spectacular boom now under way.

Consider the top five global Internet market cap leaders: Google, Yahoo, eBay, Yahoo Japan and Amazon, which combined for a $2 billion market value in pre-2000 IPO. That soared to $178 billion in market value at the Nasdaq's peak in March 2000, only to fall to $32 billion at the trough on Oct. 9, 2002.

As of April 22, 2005, these five companies had a total market value of $197 billion. That new peak resulted from the Internet's ubiquity and widespread consumer acceptance."