Contrary to utilities, Google still has greater potential for growth and developing some new revolutionary product. Just look at Apple. They were considered something of a stalwart in the tech industry, then came the iPod, the iPhone... It's the nature of the vibrant technology and internet industry. A lot more expectations are factored in the stock price than some old, low growth business, and Google always come up with something new or reinventing and improving something old (like Gmail).