I believe the issue is that saying there are "bits" companies, and there are "atom" companies is a misnomer. I believe there are "product" companies, and there

I believe the issue is that saying there are "bits" companies, and there are "atom" companies is a misnomer. I believe there are "product" companies, and there are "platform" companies. Product companies have to earn "each dollar" they make, platform companies get a share of each dollar thats earned on them. Amazon makes money from all amazon merchants. Google makes money from every ad sold. They're private "governments". That's why they get high multiple valuations. They just scale better.... they probably became the dominate platform because they're the ones who figured out HOW to scale, and they only scaled after they actually needed to.