It is a second techno-bubble ? I don't think so!
There are two main points where Google have clearly the lead over their competitors.
With is formula of 80/20 rule of time spent on personnal project, thoses are legion and only a few like WebAccelerator and Autolink, have been criticized . Also the fast move on Adwords and AdSense over Goto have made Google a highly profitable business.
Google, as I know, is the biggest network of "cheap" Web servers on the planet. The also have developed their own OS, based on Open Software, and create a bright system to handle the failure of the system.
If you compare this with the vision and the technology of Microsoft, you're smiling !