And people criticize Poet's valuation to be high? Check this out from the pinnacle article:

A perfect example of the heightened speculation and investment in the TMT sector can be seen in tech startup Magic Leap. The company is focused on augmented-reality technology and was valued at roughly $2 billion on October 21st, after it was announced Google was becoming its largest investor. Google is providing a cash injection of $542 million to the young tech company. Magic Leap has no revenue and, currently, no products on the market.

Few details are known about the company, other than it plans to revolutionize computing by creating an interactive experience.

Rony Abovitz, the company's CEO and founder, recently commented that, "Magic Leap is going beyond the current perception of mobile computing, augmented reality, and virtual reality. We are transcending all three, and will revolutionize the way people communicate, purchase, learn, share and play."