Some very random observations looking at the top market cap tech companies (link in comment):
- When did Amazon surpass Google in terms of market cap? I mean, Google is lately killing it in AI. AWS surely must be a money printing machine..
- Uber is worth $174bn; Lyft is $6bn. Winner takes it ~all
- Similarly, Booking holdings is worth $172bn while Expedia is worth $20bn. According to Perplexity, Booking’s 2024 revenue was $23.7bn, while Expedia’s was $13.6bn. So the revenue difference isn’t as big as the market cap difference. But Booking’s YoY growth was at 11% while Expedia’s was at 6.7%
- I love Spotify, but I think they’re overvalued. Their 2024 revenue was 15bn Euros and profit was about 1.1bn Euros (which was their first ever annual profit). They’re trading at $145bn (= about 126bn Euros), which means EV of more than 100x profit – and IMO Spotify is massively threatened by Youtube.
- There was a time when the “big3” in Chinese internet was called BAT (Baidu, Alibaba, Tencent) – it’s now more like Tencent and the rest. Tencent is the best example of a company that does both platform and content really well
- For Korea, Coupang ($51bn) is now worth more than Naver + Kakao combined (= $47bn). By the way Naver ($27bn) still owns significant % of Japan’s LY corporation (worth $27bn), so I think the stock is quite undervalued