Shares of the technology and new economy companies tend to trade at very high multiples of their P/B (Price-to - Book) Ratios, as they heavily rely on intellectual / human capital to create value. Iconic brands such as Microsoft and Apple, Intel, Google, Facebook, Twitter are the perfect examples of labor intensive new economy companies.
"Intellectual Capital", also referred to as "Intangible" assets, is composed of human capital, proprietary information, intellectual property, network of business connections, and value of which does not fully appear on the companies' balance sheets.