Given the rumours that Anthropic will copy SpaceX with value-by-TAM, I suspect they'll be overvalued even if they did have a moat.
My standard example for why not to price a stock by the TAM is how Wikipedia's not valued at [number of people online] * [peak price of Encyclopaedia Britannica].
> VR still has a path to utility / viability.
Perhaps, but IMO it's a new form factor of games console, nothing more than that.
And the Meta vision was broader, "the Metaverse", without really exploring what that would look like in practice rather than as piece of SciFi world-building ripped equally from Snow Crash and Ready Player One.
Given the rumours that Anthropic will copy SpaceX with value-by-TAM, I suspect they'll be overvalued even if they did have a moat.
My standard example for why not to price a stock by the TAM is how Wikipedia's not valued at [number of people online] * [peak price of Encyclopaedia Britannica].
> VR still has a path to utility / viability.
Perhaps, but IMO it's a new form factor of games console, nothing more than that.
And the Meta vision was broader, "the Metaverse", without really exploring what that would look like in practice rather than as piece of SciFi world-building ripped equally from Snow Crash and Ready Player One.