Undoubtedly, people will soon scream 'Bubble!', but I believe this is part of the inevitable shift of technology becoming the driver of the world's economy.
[1] http://www.econstats.com/wdi/wdiv_533.htm
[2] https://www.cia.gov/library/publications/the-world-factbook/...
http://en.wikipedia.org/wiki/Monopoly#Characteristics
Which of those characteristics do you see in Google?
[1] http://searchenginewatch.com/article/2289560/Googles-Search-...
[2] http://www.bloomberg.com/news/2013-06-13/google-is-projected...
* Economies of scale
* Capital requirements
* Technological superiority
* Network externalities
You seem to imply the assumption that the regulations in the energy industry don't benefit ExxonMobil.
Do some government policies benefit Exxon? Likely. Does every government tax and regulate Exxon at the maximally efficient rate? No. But that is a far cry from saying Exxon would be worse off if, globally, resource-related regulation was pared back.
[1] https://www.google.com/finance?q=NYSE%3AXOM&fstype=ii&ei=QDv...
Instead, look at it analyitcally; A P/E of 30ish means that people think Google could grow 3X. Seems reasonable.
I'm on the fence. I think Google is doing amazing things and there is enormous potential. However, we're also talking about huge numbers. Annual revenue is already $60B. To go to $180B at the same margins they need huge successes. Like having self driving cars turn into a $60B/year business. Is that possible? Yes. But when you start to think about how huge the numbers are you see that its not easy.
Its hard to escape the arithmetic of the law of large numbers.
Then again, people will call anything a bubble. But its easy to see that this is not evidence of it by asking yourself if we'd be worse off if Google disappeared tomorrow vs if Exxon did.