Markets are obviously, rationally, not happy about the overspending.
But what gives me pause is that a some of the mag 7 (think Meta) could change their mind on AI build-out tomorrow, and 1-year from now have the same amazing free cash flow they always did.
In Hong Kong Braintree made it so incredibly difficult to get an account started that we ended up abandoning it. When Stripe finally opened up their HK beta I tried again and the process to get approved took all of 3 minutes.
Redbulls gross margins are probably 90%. It’s basically just water, sugar, and caffeine sold for $3.
You can do a lot of great promotions if the cost of your product is a rounding error.