What looks like COGS (e.g. the cost of goods sold for free services for consumers) is often really customer acquisition cost (CAC) for paid in disguise. A conversion rate from free to paid of ~3% for a consumer service is not great, but is instead on the lower end of normal.
what Meta has assembled is free (to consumers) hardware and software that dramatically reduces the barrier to entry for ordinary people looking to harness the power of agents, making the AI upside a lot more accessible to the masses who don't want to buy a Mac Mini.
To put this same story another way, the European car industry in the early 2020s was a prime example of greedflation i.e. companies taking advantage of the COVID shock and other disruptions and to hike profits at the expense of consumers.
And if you're doing a 1.0 and the world hasn't seen you, you're not going to get that from consumers, ever. You have to ship it, and you have to build the entire kind of ecosystem so those consumers see it in the fullness so that when they do the evaluation and they spend their own money, then you're getting real feedback.
I’ve rarely seen a more capitalist society than China, from the pure economic side. I’ve rarely seen companies that are as competitive as Chinese companies. People as ambitious and obsessed with making money as Chinese people. Kind of ruthless actually. And look, consumers shop, firms invest. If you invest well financially, you’ll get great returns. What is not capitalistic about the Chinese economy? At the same time, the social fabric is highly socialist.
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