Here is what I penned back in 2006:

So in 2010, Google’s current historical growth rate projects a revenue figure of $34 billion, with 25% profit margin of $8.2 billion, and with a P/E of 35, could technically command an enterprise value of $287 billion.  It currently boasts some $10 billion, so at these levels, it would carry enough cash to push up its market cap northwards of $300 billion.

Today, MSFT has a market cap of $284 billion, and that includes a wallop of cash.

Tale of the tape: Google $287 billion; MSFT $284 billion…

There you have it.  Told you it’s not a bubble, we’re actually talking revenues, profits and P/E.

Read it all here.