It is the philosophical quandary at the heart of the technology industry. Not, “If a tree falls in the woods, does it still make a sound?”, but “If a company never makes any money can it still be worth a fortune?”
Until now the answer has unequivocally been “Yes”.
Indeed, the way that some tech founders and venture capitalists talk, profits are actively suspicious. As in “if you are making money, you clearly aren’t spending enough on improving your model and enlarging your reach.”
Because the two things that investors and founders are more concerned about than profits are 1) Scale and 2) The Moat.
The first is obvious: conquer the world, drive your competitors under, plough salt into their fields…