The Internet isn't a league of similar companies. It's not a mutual fund of high-growth blue chips. It's not an industry aligned around any one business model. Chemdex is a chemicals industry clearinghouse. The Internet is a galaxy of disparate companies and ideas and opportunities.
Fads fade fast.
Focus on those companies and business models that add value, that are geared toward building profits and attracting loyal, paying customers. Gravitate toward companies with focus and distinct strategies, and the management and financial solvency to stick to their guns. The initial euphoria is over, but the party isn't. It's now time to seek value. Maybe it's a hot infrastructure play.