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Is the frontend treadmill responsible for making browsers so expensive to maintain?

Sorry for the incredibly naive question. I've only ever worked on "backend" projects. A few times I've made simple read-only pages in raw html (and maybe some CSS) to share information with colleagues. So while I get that the web is more awesome now than it was 10 years ago, I don't have any concrete understanding as to why this is a multi-billion dollar industry.




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