> I'm as confused as you are. Don't be, for the last decade or so money has been extremely cheap. For anyone focused on fundamentals many of these companies d

> I'm as confused as you are. Don't be, for the last decade or so money has been extremely cheap. For anyone focused on fundamentals many of these companies don't make sense and it all seems eerily similar to the dotcom logic (anyone old enough will remember claims of "new economy" and "things are different"), but for anyone interested in growing their money, spending more than you make while money is essentially free makes a lot of sense. The thing many people still don't understand is that the era of cheap/free money is coming to an end and there is going to be a lot of reality coming to surprise companies that aren't actually able to become profitable in an era without free money. This doesn't just impact companies that currently don't make a profit, but those that make their profits from other companies that don't make a profit. How much AWS is paid for by startups that don't make a profit? How much of meta's ad revenue is ad-spend from companies that don't make a profit? We'll soon be finding out.