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Most of the value was captured by Apple, Amazon, Google and Microsoft. They are smart enough to capture any incoming technology wave. Mobile, cloud computing and now AI. Startups get crumbs.



Startups can’t compete on those vectors. The capital requirements to compete in hardware and cloud are immense .

Hardware is hard. As much as I hate to admit it. Musk pulled it off twice even though I think Tesla is going to be crushed by the incumbents.

Besides the Tesla infotainment system is second rate compared to a low end Nissan Sentra with AirPlay/Android Auto




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