Google (GOOG) chasing Facebook with open-source plans?

Expanding on a TechCrunch post last month, BusinessWeek has joined speculation that Google is planning an open-source debutante ball for its 67 million-user Orkut social networking site. Wait, what?

Yes indeed -- Google (NASDAQ: GOOG) runs its own Friendster/MySpace/Facebook. Orkut has been around since early 2004, though you'd have trouble finding any users among your own friends. However, the site does a mean, market-leading business in Asia and Latin America, particularly Brazil (Orkut's forums are nearly dominated by Portuguese). If you believe the chatter, Google will make Orkut's source code available to outside programmers, duplicating the third-party-widget blueprint largely fueling the ascension of privately-held Facebook.

Does this do anything to explain Google's recent run-up on the Nasdaq? GOOG crossed $600 yesterday, joining five other shares trading higher than $600 (which just equals six shares aching for splits) and climbed further today, trading in uncharted territory for the search giant.

Call me a party-pooper, or maybe just unimaginative, but GOOG's current climb seems uncalled for, particularly now when Facebook seems poised to change all the online rules, just as it apparently has changed Google's plans. I mean, Google is a dynamite search engine, but don't give it undue credit. Its history is one of acquisitions, tinkering and positioning, and lately it's playing a lot of catch-up, what with Orkut's speculated run at Facebook and all the hubbub about a Gphone platform.

Am I the only one baffled by Google's recent rise?