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Alibaba's Flywheel Still Spins. The Question Is How Hard the Wind Now Blows Against It.
Alibaba
TikTok's Algorithm Isn't Magic. That's Exactly Why It Can't Be Sold.
ByteDance / TikTok
Baidu Still Owns China's Search. It Lost the Thing Search Was Worth.
Baidu
PayPal Didn't Get Freed by the eBay Split. It Stayed Chained for Five More Years.
PayPal
Square's Most Famous Win Was a $71 Million Loss. The Real Machine Was Built Elsewhere.
Block (Square)
Stripe Sold to the One Person Who Couldn't Sign the Check
Stripe
Shopify Said It Was Arming the Rebels. It Was Quietly Becoming the Empire.
Shopify
Snowflake Gets Paid Only When You Run. That's the Genius — and the Time Bomb.
Snowflake
Palantir's Government Moat Isn't a Wall. It's a Permission Slip.
Palantir
ServiceNow's Moat Is Widening — and Getting More Expensive by the Quarter
ServiceNow
Zoom Got the Whole World in a Quarter. It Couldn't Keep the Part That Mattered.
Zoom
Atlassian Didn't Kill the Sales Team. It Just Made the Sale Wait Its Turn.
Atlassian
CrowdStrike Crashed 8.5 Million Computers and Kept 97% of Its Customers. That's the Moat.
CrowdStrike
Snap's $3 Billion 'No' to Facebook Wasn't Genius. It Was a Hold for a Higher Number.
Snap
Pinterest Knows You're About to Buy. It Just Can't Charge Like Google Yet.
Pinterest
Reddit Didn't Betray Its Community in 2023. It Stopped Subsidizing Them.
Reddit
Musk Didn't Buy Twitter. A Delaware Court Made Him Pay for It.
X (Twitter)
DoorDash Won by Going Where Uber Eats Refused to Drive
DoorDash
Instacart Owns No Stores, No Trucks, No Inventory. It Traded Them for a Liability It Can't See on a Map.
Instacart
Lyft Finally Made a Profit. It Also Proved It Can Never Catch Uber.
Lyft
Coinbase Sells Compliance as Its Moat. The Real Moat Is a Stablecoin Contract.
Coinbase
Robinhood's Free Trading Wasn't a Gift. It Was the Bait on a Hook It Couldn't Always Hold.
Robinhood
Intuit's Best Investment Isn't Software. It's Lobbyists.
Intuit
Epic Didn't Sue Apple to Save Fortnite. iOS Was 7% of the Money.
Epic Games
Roblox Paid Creators $1.5 Billion in 2025. The Median One Made $1,575 (in 2024).
Roblox
Microsoft Paid for Cloud Gaming, Then Gave the Cloud Away to Win the Deal
Activision Blizzard
Nintendo Didn't Find a Blue Ocean. It Chose Which Customers to Disappoint.
Nintendo
Roku Loses Money on Every Box It Sells. That's the Plan, and It's Working.
Roku
Booking Pays Google $7 Billion to Rent Customers It Then Tries to Buy Back for Free
Booking Holdings
eBay Didn't Lose to Amazon in 2008. It Lost to Skype in 2005.
eBay