????2013年注定是一個股市重新愛上互聯網的年份。問題在于，這次再續前緣到底會是天長地久的一段姻緣，還只是另一次曇花一現的迷醉。

????自從2000年互聯網泡沫崩潰后，只有極少數互聯網公司被市場捧為科技巨星：eBay和雅虎（Yahoo）紅極一時的日子已經是十年前了，隨后漸漸風光不再。谷歌（Google）2004年上市，此后業績一直穩步增長，但很少有上市的互聯網公司能獲得類似的成功。

????幾年前，一批新一代初創公司開始涌現。它們主要圍繞社交網絡、本地電商和移動應用這些新技術和新功能而創建。很快，其中的佼佼者就紛紛上市，而另外一些，如社交游戲公司Zynga和OpenTable等公司的股價不斷起起落落。只有包括商務社交網站LinkedIn在內的少數公司才獲得了投資者持久的追捧。

????今年的情況則有所不同，幾乎所有依托于互聯網商業模式的上市公司都發現，自己的股價正如創始人剛剛上市時夢寐以求的那樣在猛漲。其中最著名的當數Facebook。還記得它的股價一度跌到了18美元，還不到發行價的一半嗎？而那僅僅是一年前發生的事。

????最近互聯網股價這股熱潮的最大推手正是Facebook。在它剛剛上市的頭一年里，由于市場普遍擔心它無法通過手機廣告賺錢，因此它的股價始終在低位徘徊。不過，這家公司最近的財報顯示其財務狀況正在改善。此后，Facebook的股價翻了一番，也推動了其他能從移動互聯網中賺錢的公司股價開始上漲。

????Facebook效應對網絡股的重大影響是顯而易見的，大量這類股票在2013年都開始上漲。LinkedIn上漲了112%，流媒體音樂服務公司Pandora漲了199%, 房地產估值網站Zillow漲了204%，點評網站Yelp的漲幅更是高達 285%。就算是那些被視為網絡股中麻煩纏身、業績欠佳的公司也跟著水漲船高：Zynga今年漲了60%，團購網站Groupon漲了135%（不過并非所有近期上市的網絡股都有這么紅火的走勢，比如Demand Media就下跌了32%）。

????市場對網絡股的這種大手筆投入促使更多科技公司申請上市，其中有一些已獲得熱烈追捧。廣告科技公司Rocket Fuel九月末上市首日股價就近乎翻倍，此后更是節節攀高。而Twitter公司周四提交了外界期待已久的IPO申請，一旦上市，它的市值有望達到100億美元，而它迄今為止還未能實現盈利。

????如果Twitter以如此高的市值上市后股價還能上漲，無疑會對網絡股的集體飄紅再添一把火。而對那些親歷過網絡泡沫大起大落的人來說，不免會產生這樣的疑問：這種狂飆突進何時會面臨失控？對理智的投資者來說，這些熱門股票什么時候會變成燙手的山芋？??

????2013 is proving to be the year that the stock market fell back in love with the Internet. The question is whether the love affair this time will be an enduring one or just another bout of exuberant infatuation.

????For years after the dot-com crash of 2000, only a handful of companies at a time were received as tech stars: eBay (EBAY) and Yahoo (YHOO) were hot a decade ago, then lost their mojo. Google (GOOG) went public in 2004 and has enjoyed mostly steady gains since, but few web IPOs that followed saw similar success.

????Several years ago, a new generation of startups emerged. They were built around new technologies and features like social networking, local e-commerce and mobile apps. In time, the best of these companies listed their stocks on the public markets, and some, like Zynga (ZNGA) and OpenTable (OPEN), saw their prices rise and then fall. Fewer, like LinkedIn (LNKD) won a more durable favor among investors.

????This year, nearly all public companies relying on web-centric business models are seeing the kinds of rallies that founders dream of when going public. The most notable example is Facebook (FB). Remember when the stock was trading at $18 a share, less than half its offering price? That was only a year ago.

????Facebook, more than any other company, is responsible for the recent surge in web stocks. Its share price languished for much of its first year in the market amid concerns that it hadn't found a way to monetize mobile advertising. The company's most recent financial report, however, showed that was changing. Since then, Facebook has seen its stock price double, spurring rallies in other companies able to draw revenue from the mobile web.

????As important as the Facebook effect has been on web stocks, many of them had been rising throughout 2013. LinkedIn has risen 112%, Pandora (P) 199%, Zillow (Z) 204%, and Yelp (YELP) 285%. Even companies seen as troubled laggards in the sector are benefiting: Zynga is up 60% this year, and Groupon (GRPN) has gained 135%. (Not all recent web IPOs are thriving, however: Demand Media (DMD) is down 32%.)

????This spirit of generosity toward web stocks is prompting more tech companies to file into the IPO queue, and some of these are receiving warm welcomes. Rocket Fuel (FUEL), an ad-tech company, nearly doubled on its first day of trading in late September and has risen even higher since then. And Twitter, which filed Thursday for its long-awaited IPO, is expected to be valued at $10 billion when it goes public, and it has yet to show a profit.

????If Twitter's stock rises after listing with such a rich valuation, it could add even more fuel to the rally in web stocks. And that would raise questions familiar to anyone who rode the boom-and-bust roller coaster during the dot-com years: When is a rally getting out of hand? When does a hot stock become too hot for sane investors to touch???