Microsoft PowerPoint - Webtwopto2006.ppt

Short Description
web 2.0 - 11/8/06. mary.meeker@ms.com / david.joseph@ms.com. Morgan Stanley does and seeks to do business with companies covered in its research reports. …

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Content
The State of the Internet, Part 3
The World’s Information is Getting
Organized + Monetized
web 2.0 - 11/8/06
mary.meeker@ms.com / david.joseph@ms.com
Morgan Stanley does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the
objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. Customers of Morgan Stanley in the United States can receive independent,
third-party research on the company or companies covered in this report, at no cost to them, where such research is available. Customers can access this independent research at
www.morganstanley.com/equityresearch or can call 800-624-2063 to request a copy of this research. For our latest industry research, please visit www.morganstanley.com/techresearch
For analyst certification and other important disclosures, refer to the Disclosure Section2
?$ 2B = market value - pre-2000 IPO
?$178B = market value - Nasdaq peak - 3/10/00
?$ 32B = market value - Nasdaq trough - 10/9/02
?$259B = market value - 11/7/06
Google + Yahoo! + eBay + Yahoo! Japan + Amazon.com
Source: FactSet and Morgan Stanley Research.
Market Value of Top 5 Global Internet Market Leaders =
46% Higher than 3/00 Market Peak Thanks to Google…