I'm starting to think the reason why tech companies are so well-valued is purely due to regulatory evasion skills and a dash of political engineering. Effectively, every tech company has been given a pass on something . Facebook doesn't have to worry about defamation lawsuits. Google doesn't have to worry (as much) about copyright. Amazon built it's business on evading sales tax. Uber broke the back of your local cit…
As long as they are preoccupied with ruthlessly competing against each other things tend to head in positive directions for everyone. Its when they have no competition is when the the mindless ambition and ruthlessness causes the most damage.