Web Technology Forces Innovation

Market capitalization for some of the new Web, or “dot com,” companies exceeds not only every food company on the planet, but some of the biggest auto makers and other old-line Blue Chips. Initial public stock offerings for these companies that are months old and run by recent Stanford and Berkeley graduates runs into the billions. Yet, by design, none of them make any money.

The Web companies may not make money, but they control a lot of it. America Online has a market cap of $118 billion, Phili…