The article misses the “musical chairs” game that gets played in land-grabs.

Look at Uber. Lost money for over a decade buying market share with venture capital. Now post IPO they have settled in to a position in the minds of users that’s hard to shake even as cheaper competition arrives. They have a durable business and a steady (even if not amazing) stock price.

Not sure it's that durable. Bolt is growing fast in Europe at least.