They said the same about social media. Don’t conflate value creation with value capture. It can often lag, which creates the appearance of a bubble. To me, engagement through the roof and costs rapidly declining is the definition of value rapidly scaling up (scaling in this context specifically meaning reach going up while costs decline). Value capture is lagging behind but that doesn’t necessarily mean it’s a bubble. I’m certainly open to the possibility it’s a bubble, but that’s not what my firsthand experience is telling me or any of the aggregate numbers.