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> it looks like they're still operating with a very comfortable margin.

That's not the essay's concern, the essay's concern is that expenses grow much faster than the site's load.

I thought the essay's concern was that funding is growing too fast, allowing expenses to expand to fill the gap in a way that is unsustainable (because eventually the funding growth must come to an end).

The biggest ticket in the expenses is salaries. I wonder how much of the growing expenses is linked to growing developer salaries

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