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linkedin reid hoffmanIf LinkedIn represents a tech bubble, that bubble remained unpopped during the professional networking company’s second day of public trading. The company’s stock closed at $93.09 a share, just slightly below its close of $94.25 yesterday and more than double the price of between $42 and $45 set in its initial public offering.

Not that today was the big test of the bubble theory. The real worry seems to be whether or not LinkedIn’s IPO heralds a wave of overvalued Web companies going public, followed by a big crash. I expect that debate won’t be settled for a long time.

There were also a number of articles published today pushing back against the bubble theory. VentureBeat’s Matt Marshall has already laid out his case for why there’s more than hype behind investor excitement, and he told me yesterday that it’s silly to compare the late-90s craze with what’s going on now. I thought Henry Blodget put it pretty nicely over at Silicon Alley Insider, where he acknowledged that LinkedIn’s valuation is very, very high compared to current revenue, but added:

  1. LinkedIn is a real company, with real products, revenue, and profits
  2. No one knows what LinkedIn’s stock is worth, and
  3. A handful of companies in LinkedIn’s industry have turned out to be worth a lot more than many people thought.

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