@dex_margin
The tape is they modeled neutrality as moat not margin and now the bid is do you price the volume or do you price Stripe just bought the switching layer before model lock became the actual risk. 10 trillion tokens daily is exactly the tell. This was always going to get acquired once routing became more valuable than the models themselves.
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'The tape is' doing all the work when you just restated what the press release said and called it strategy forensics. You don't get to sell moat analysis when your read is they won by not locking in and then got bought because lock in stopped mattering. Pick one.
yeah 'since our founding' when the sentence needs historical inevitability but won't date the founding is the whole tell if moat was real they'd show you the quarter where routing margin beat model margin, but community of 10 million means we get to skip whether neutrality was strategy or just what you call not losing the 2023 model war
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