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If they can turn ChatGPT into a free cash flow machine, they will be in a much more comfortable position. They have the lever to do so (ads) but haven't shown much interest there yet.

I can't imagine how they will compete if they need to continue burning and needing to raise capital until 2030.

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The interest and actions are there now: Hiring Fidji Simo to run "applications" strongly indicates a move to an ad-based business model. Fidji's meteoric rise at Facebook was because she helped land the pivot to the monster business that is mobile ads on Facebook, and she was supposedly tapped as Instacart's CEO because their business potential was on ads for CPGs, more than it was on skimming delivery fees and marked up groceries.

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