What is different here is that the non-VC investors investments are being recycled back into their goods&services see: cloud credits, buying NVDA compute, etc.

What is different here is that the non-VC investors investments are being recycled back into their goods&services see: cloud credits, buying NVDA compute, etc. I don't think we had a similar pattern in the mobile era. Did Apple ever invest in an app in exchange for App Store fee credits or some dubious scrip like that? I don't think so.