[ebbv]

Microsoft completely dominating the PC software industry for nearly 30 years, reaping insane profits for that entire time. In some ways they still do dominate it, certainly in terms of productivity software and business email.

Similarly, IBM was computers for 30 years.

Comparing them to simply the most popular social website for the past 10 years is not really fair. The fact that Facebooks value approaches those other two companies only shows how insane the current bubble is.

[fluxquanta]

You can't neglect the fact that while facebook's outward appearance is "social media site", which may indeed be on the decline, they do a lot of work behind the scenes just to manage such an incredible amount of data.

I could easily see facebook surviving long into the future in a similar way to IBM -- with a focus that is shifted from what made them big player, but still doing valuable work (and making money) in the tech "sphere".

[pki]

is ibm big iron still not computers right now?>

[ebbv]

I think you didn't understand my sentnce. The phrase "IBM was computers" means that they totally dominated the entire field of computers. It means that you didn't buy a computer that wasn't IBM. While in reality they had competitors, the hyperbole is still appropriate.