Stocks like AMZN, CRM, LNKD are traded at price with PE well above 100. This was the trading pattern in year 1999-2000. Many dot com stocks were bubble like this, and eventually got bubble busted in 2011.
The competition in the cloud computing and digital products(music, video and e-books) become tougher and tougher. They will go back to the resonable valuation.