Nerval's Lobster writes: "When a major IT company pays a reported $30 million—roughly 90 percent of it in cash—for an iOS app with no monetization strategy and a million downloads since launch, is that a sign that the tech industry as a whole is riding a massive, overinflated bubble? That’s the amount of filthy lucre that Yahoo paid for 17-year-old Nick D’Aloisio’s Summly app, according to AllThingsD. The app offers “algorithmically generated summaries” (in its Website’s words) from hundreds of news sources across the Web, presented in an easy-to-read format; users can cherry-pick their topics and news sources of choice, save summaries for offline viewing, and share content with others. Yahoo isn't alone, by a long shot: over the past couple years, a few apps have been snatched up for enormous sums—think Facebook’s $1 billion acquisition of Instagram in 2012, or Google buying Sparrow for a reported $25 million. Nor has the money train stopped there: in a pattern that recalls the late-90s market frothiness for anyone over the age of 28, a handful of tech companies have either launched much-hyped IPOs or witnessed their share price skyrocket into the stratosphere. But does all this IPO activity and app-acquiring actually mean "bubble"?" Link to Original Source
Humanity has the stars in its future, and that future is too important to be
lost under the burden of juvenile folly and ignorant superstition.
- Isaac Asimov