Aggregation Theory | Stratechery by Ben Thompson

Not a new thought, but a well put-together post.

What is important to note is that in all of these examples there are strong winner-take-all effects. All of the examples I listed are not only capable of serving all consumers/users, but they also become better services the more consumers/users they serve — and they are all capable of serving every consumer/user on earth. This, above all else, is why consumer technology companies are so highly valued both in the public and private markets.