Read Brad DeLong, who says yes. I agree, while admitting upfront I won’t have the guts to sell short. Here is an earlier MR post on why Google is so vulnerable in its key markets. Here is an earlier MR post on adverse selection and Google’s IPO.
Addendum: “Of the 10 IPOs with the biggest first-day pops since 1975, not one ever returned to the price it reached its first day, according to an analysis of data from Jay Ritter, professor of finance at the University of Florida.”