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None of them have done anything on this scale, have they? They’re valuable because they don’t make investments like this. Their work is on a long lever so they have great margins over massive volume.

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Google has spent over $200 million on land alone... in the valley alone... just in the past month.

I heard that it seriously depleted HQ's petty cash fund. (But seriously, these were, in fact, all-cash deals.)

Yeah, but they don't do that every month. And $200 million is 1/500 of 100 billion. This is like the difference between going to a nice restaurant and buying a McLaren P1. Or spending all your money as an L7 at Google vs. going to space yourself.

I’m pretty sure Uber has terrible margins :)

Haha, or potential for great margins, right. It's not one big project that costs $100 bil, right. There's very little incrementality to HSR, etc.

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