Google Wins Fans With IPO Gains

"There's an exit strategy now" in the Internet content market, "or a way to generate cash," Lee says.

Separately, Lee points out one final set of winners in the IPO process -- company insiders, including venture capital investors Sequoia Capital and Kleiner Perkins, who pulled back all or some of their shares from being sold in the $85-per-share public offering.

With Google's shares up since the offering -- the stock closed at $108.31 Friday, up 8% for the day and 27% from the offering price -- the people who held back their shares "look like geniuses now," says Lee.

Lee, who bought shares in the offering, had sold them by Friday afternoon. "I may buy again," he says.