An incredible milestone by any measure. This era reminds me of Uber v Lyft, Groupon, early Amazon, and the Friendster v Facebook etc social era. It’s the same pattern. Tech companies with product-market fit raise enormous rounds to throw into marketing dollars and create an even bigger market. This is net-positive for their competitors too, which get to draft off of a growing pie. One difference is the network effects are so much more weak. Users are less loyal than ever and more distracted than ever. So for any company to capture a majority of mindshare likely pays off in many dividends. But as we saw with the previous eras of tech, it’s still unclear who the winner is. Being first or biggest is not a deciding factor for long-term dominance.