How are the revenues these days? Let’s not count Nvidia since they’re the ones selling the shovels. How are the moats?

Revenues are up massively, across the board for the big companies but interestingly enough also for startups like ChatGPT, Loveable, Cursor etc. Which is again totally different than last time where mostly startups were driving the insane valuations.

For the shovels part: Actually Global Crossing tried to sell shovels. But failed since there was no demand and no moat. Now compare that to NVIDIA.