180 So…We Have…High Revenue Growth + High Cash Burn + High Valuations + High Investment Levels = Good News for Consumers…Others TBD… As global digital user bases have grown and potential rapidity of usage traction has risen in tandem, areas of corporate investment (for companies new and old) have become increasingly competitive and capital-intensive. The AI tech cycle of creative disruption has historical analogs. Head turners of the semi-recent past include Apple’s near bankruptcy in 1997 when its market capitalization was $1.7B*, now $3.2T. Amazon.com’s near death moment happened in Q4:00 when it reported a net loss of -$545MM on revenue of $972MM. Founder and then-CEO Jeff Bezos noted in the 2000 Shareholder Report that It’s been a brutal year for many in the capital markets and certainly for Amazon.com shareholders. As of this writing, our shares are down more than 80% from when I wrote you last year. At post-loss trough in Q3:01 its market cap was $2.2B while it supported 23MM active customer accounts. The market cap is now $2.2T. All in, Amazon lost -$3B in the twenty-seven quarters between its launch in Q2:97 and the end of its first net income-positive year (2003). For its most recent twenty-seven most recent quarters (Q3:18-Q1:25), Amazon’s cumulative net income was $176B. Google’s IPO filing (April 2004) noted that in Q1:04, after having only raised a Series A funding round, it spent 22% of revenue ($86MM of $390MM) on capital expenditures – at the time it was an incomprehensibly high number. It went public at a $23B market cap, now $2.0T… *Market capitalization taken as of 7/1/97. Microsoft finalized its investment in Apple just over one month later, on 8/6/97. Note: Present market capitalization figures are shown as of 5/14/25.