I thought Marc Andreessen's take was pretty plausible: """The bull case on Snapchat is that there's a company in China called Tencent that's worth $100 billion

I thought Marc Andreessen's take was pretty plausible: """The bull case on Snapchat is that there's a company in China called Tencent that's worth $100 billion. And Tencent is worth $100 billion because it takes its messaging services on a smartphone and then wraps them in a wide range of services—things like gaming and social networking and emojis, and video chat—and then charges for all these add-on services. And it has been one of the most successful technology companies of all time and is worth literally $100 billion on the Hong Kong Stock Exchange. Maybe that's [CEO Evan Spiegel's ] plan. Maybe Evan's plan is to transplant the Tencent business model into the U.S., which nobody has actually been able to do yet.""" IBM is already IBM, and they're in a market with diminishing margins. Snapchat... Who knows?