Another thing here is that these companies are getting valuations that imply that they will have very high margins in the future. But some of them will not be able to make good revenues without having MILLIONS of users. They will have to compete against themselves (eg. postmates, doordash et al). Simply put it's not remotely possible for most of these businesses to exist together and have such high valuations. These companies will make their respective markets as competitive as the airline industry (which has so many players but have such squeezed profits). The companies are being valued like they'll be monopolies or duopolies someday, but the fact is that they are in businesses that have relatively low points of entry. My problem is not that X1 has a #1B valuation, my problem is that X1 has very similar competitors X2, X3, X4, ... Xn (where n is any number of competitors) that also have very high valuations in a market that cannot accommodate even a few of them. In some cases they have valuations that equal the total size of their addressable market. This is insane.