Google is confiscating the classified ad business from the MSM, for one thing.
But I must say, I think a market cap of $154 billion is a little over the top.
37x 2007 earnings. Believe its around 22x 2008 earnings. They continued to pound their earning estimates so I don't think it is THAT overpriced although I do think the stock won't do much for the next couple of years. If it tops its estimates the way it has every quarter but once since going public, it should be at around 15-16x '08 earnings and possibly 10-12x '09 earnings. The earnings growth of google continues to far exceed that of any other company, especially for one of its size.