That analysis of the dot com market is fundamentally flawed. It...

That analysis of the dot com market is fundamentally flawed. It ran from @ 1992 - 2001. Post Gulf War 1 things accelerated into a boom. What occurred was the launch of hundreds of new Internet based companies that grew exponentially with huge inflows of investor cash, followed by long term profitability. Most of those bets paid off, but there were also a lot of real stinkers that went BK. It was one of the great accelerations of wealth in history.

Amazon was an online book store and then began crushing everything in sight. Google was a huge loser for years and look at it now. All of those new ideas needed more computational horsepower, so it boosted the semiconductor supply chain and pc and handheld business as well. games, hardware, software, even vaporware.

Yes, they needed engineers, but that was not the central issue. RE was overheated as well at the time and all good things come to an end, so 01-02 were pretty rough, and then it began again until 2007/08. What caused that? Free money, much like we have seen for the past 10 years.

As to valuation, MP is a VC operation masquerading as a materials company while LYC is the real deal.