Arguments are strong on both sides.
While current revenue and earnings of many of these highly valued firms fall incredibly far from being able to justify the high valuations of the firms, the high valuations themselves give the management of these firms control over investments in other Internet related opportunities. Internet grocery delivery is an example of a service that is based on the proposition that shopping today is so very inefficient. Providing access to personal records, including address books and personal files, is an example of a service that often isn't provided because of the high cost of performing the service. One reason is that some consumers simply want the attention of a live agent. Another reason is that there are and will continue to be circumstances such as when consumers are driving that consumers will be unable to access the information on their own and will need to have a live agent provide support.