I'm linking here to the full report. From the TechCrunch summary:

JPMorgan’s Internet analyst Imran Khan and his team released a massive 312-page report this morning titled Nothing But Net that paints a bullish picture for the major Internet stocks

A quick look from Paul Kedrosky:

JPMorgan's new 312-page "Nothing but Net" report on the outlook for Internet-related tech equities in 2008 is good reading, but the initial headline takeaway is a big ramp in the forecast for online ad spending this year. From a prior estimate of 19.9%, analyst Imran Khan and team have ratcheted their forecast for U.S. paid search growth waaaay up to 31.9%.

'Nothing But Net' in 2008 [PDF]