The point is that there's nothing particularly "tech" about these companies, unless you're redefining the word completely. They're scalable companies. They're l

The point is that there's nothing particularly "tech" about these companies, unless you're redefining the word completely. They're scalable companies. They're low marginal cost companies. They're software companies. Fine. But that's not what a "tech" company is. This pervasive notion that the "tech sector" is software companies from the Bay Area is creating an engineering brain drain that seems oblivious to the fact there's technology in literally every industry, and it's probably damageable to innovation. The Stratechery analysis seems to me to just restate obvious things using homemade terms ("aggregators") and doesn't explain much. I must confess I still don't understand the hype around that newsletter which to me has the style and substance of run of the mill B-school case analyses. I wish there was a "tech sector" equivalent of Matt Levine.