It's the "third anniversary" of Hulu, otherwise known in the beginning of the end of network TV. And now, the message that Hulu is leaking to the press is that Hulu is a grand success. The company has released revenue numbers -- $100M -- and said it's profitable. The loyal press mavens (myself included, I guess), are lapping up the Hulu success story. Yes, it is a success story. Hulu's a great site, and a good concept. Real media people banded together to take on low-quality Internet viral video. There's no reason we should be surprised that large amounts of high production-quality entertainment TV can't be successful over cat videos on the Web. As I wrote a few months ago, it's likely that video will take on an increasingly large role on the Internet, and become more profitable, because the costs of delivery are declining rapidly. The New York Times has a classic 'We Are Too Erudite to Commit' headline on the topic: "Successes (and Some Growing Pains) at Hul." Thanks NYT. You mean growing a $100M company from scratch has some challenges? To its credit, the NYT story does add a minor scoop: Hulu will have an iPad app. The New York Times says that the Website is coming under pressure from its content owners NBC Universal, the News Corporation and the Walt Disney Company, to add subscription products and boost advertising margins. Well, of course the content companies want more money. That's because they still haven't come to grips with the fact that their broadcast business model is turning to sand, and they think there's going to be a gravy train on the Internet. My message: Chill out dudes, you have a massive, growing Internet property. Use it to your advantage!

If there is a technology guru and review who can make a break a technology's future with a few keystrokes, it's Walt Mossberg. The veteran gear reviewer for the Wall Street Journal is now out with his take on the iPad, and he calls it nothing short of revolutionary. Oh boy. This should uncork any remaining iPad hype that hadn't already boosted the press  into oxygen-depleted zones of the atmosphere.  The iPad is now akin to the discovery of the wheel.

This week's development of a legal judgment against Myriad Genetics (MYGN) is shaking the biotech world. On Monday, a judge in the District Court for the Southern District of New York ruled against Myriad and granted a motion for the plaintiffs, the American Civil Liberties Union(ACLU) and others, concluding that isolated DNA compositions are not patent eligible subject matter. This essentially invalidated Myriad patents BRCA1 and BRCA2 used in their breast cancer diagnostic tests. Intellectual Property (IP) is the raw material for the creation of biotech companies. Without an invention covered by a robust patent portfolio, venture funding can be very difficult. Since the beginning of the “genomic age” in the late nineties the patenting of genetic materials and methods have gone through a minefield of lawsuits and opinions but in the end  have significantly protected companies with well designed IP. However, patents on human genes have always been a gray area.