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Great points. - At the end of the day those are still private companies (albeit huge ones), so we can only speculate about the state of their private financial situation. Once they will decide it's the right time to IPO, they'll publish all their financials and we'll start to have a clearer picture. - Later, each company will slightly specialize and have a different go-to-market strategy, which will allow us to understand on a deeper level what works in the market and what doesn't (think about how Facebook, Instagram and TikTok are all huge universal social media platforms, but, each with a different target audience and different user base). - Finally, the market will go through a consolidation phase in which winners will gobble up the losers and then the incumbents will have a real moat (against new-comers) and real pricing power on their user base.