
This is what started happening to Apple
Wall Street was spoiled by constant earning beats, so they raised their estimates higher and higher above Apple's guidance, and the stock started getting punished when they'd announce earnings that handily beat their guidance, but failed to meet Wall Street's inflated expectations.
Since they've pushed the P/E and as a result Google's stock price too high, the same thing will afflict them and the stock price will eventually fall back to Earth. Then they'll pick the next tech darling for the same treatment. Microsoft perhaps, as I'm sure they can tell a compelling story about how the new CEO is going to fix the lack of direction over the past decade under Ballmer's inept leadership.