> don't generate positive earnings.
Or more appropriately, DCF:
“What matters always is dollar margins: the actual dollar amount. Companies are valued not on their percentage margins, but on how many dollars they actually make, and a multiple of that.”
https://25iq.com/2014/04/26/a-dozen-things-i-have-learned-fr...
What other business model do you know that can produce this type of FCF trajectory?
https://www.macrotrends.net/stocks/charts/AMZN/amazon/free-c...
https://www.macrotrends.net/stocks/charts/GOOGL/alphabet/fre...
https://www.macrotrends.net/stocks/charts/FB/meta-platforms/...