You left out the "flywheel" companies. Granted there are probably too many companies calling themselves "flywheel" companies to explain away zero profits. Howev

You left out the "flywheel" companies. Granted there are probably too many companies calling themselves "flywheel" companies to explain away zero profits. However, in this last boom we have seen some non-hardware companies that use huge amounts of capital to spin a heavy wheel they believe will carry over. Uber (now profitable in NA) is a classic case. There have also been failures in this regard, there is no objective measure of what is and isn't a flywheel company. But we can't deny that there have been companies that have successfully executed on this strategy.