So what's Google going to do with the $4.2-billion it plans to raise through a secondary offering. Perhaps it will be jump on the China dot-com bandwagon, buoyed by Baidu's IPO and Yahoo's $1-billion stake in Alibaba.com. Maybe Google will go after Skype and make a major plunge in the fast-growing VOIP market before Rupert Murdoch renews discussions with Niklas Zennstrom and Janus Friis. Other options, albeit relatively minor moves - are the acquisitions of an instant-messaging application to play ball with Yahoo and AOL and/or a blog search tool (Technorati?). Or maybe Google is doing what Research in Motion has perfected: raising tons of cash when the stock is high even if you don't really need it. As much as Adsense continues to rumble along, I keep waiting for Google to make a major strategic move. Calling Google a one-trick pony is perhaps a bit of a stretch but am I the only one who believes Google needs another high-growth engine - that is, if you don't count Blogger.com or Gmail as high-growth vehicles.
For an excellent overview on some of the companies that Google has been quietly acquiring recently, check out IP Democracy.