Obviously, the market is jumpy and eager to lock in profits. Internet stocks were nicked but they were far from bloodied. It's impossible to say if this is a bottoming out period. It rose to 664.5 on April 12 before dropping to 499.6 less than a week later, and then rose to 637 by April 27. Today's climate for Internet stocks has changed because with the current extreme interest, volatility is higher than it ever was before.
Volumes are higher and price swings are more extreme.
But the long term prospects for Internet companies hasn't changed. The growth curve is still young.