The Internet began to rise in the early part of the decade, but the major landmark was the launch of the Netscape Navigator, the pioneering Internet browser. This, combined with significant infrastructure investments on the part of telecommunications companies, helped to drive the rapid growth of the Internet through the 1990s. Already in the mid1990s, companies in the Valley and beyond were beginning to exploit the commercial value of the Internet. By 1995, future giants such as eBay and Amazon had been established.

The early successes of these and other pioneering Internet firms hinted at the commercial viability of the Internet. Investors noted that the opportunity to buy a future global giant at IPO pricing, or near to it, was a rare opportunity. This fueled demand for stock in Internet companies. Although the business models for most Internet companies were unproven, investors were not willing to wait, fearing that it...
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