America's enthusiasm for all things high-tech is legendary: witness the $1 trillion market capitalisation—and rather generous valuations—of American Internet companies. Similarly, America's contempt for Europe as old world and old economy is taken as read. But judging by its investors' new-found enthusiasm for high-tech, Eu-rope is getting younger by the day. At the end of September last year, the market capitalisation of European Internet companies was about $25 billion. Thanks to some big new share offerings and a dramatic rise in share prices, it is now, reckons Morgan Stanley Dean Witter, almost $100 billion.
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