One of the most valuable software products in the world is Instagram. Tens of billions of revenue annually.

Any of Meta’s competitors could reproduce Instagram “the software” in every meaningful detail for (let’s say) $100M.

They still don’t have Instagram the product. Reducing that outlay to a few billion tokens doesn’t change that.

I guess I’ll believe this theory when Anthropic or OpenAI rolls out a search engine with an integrated ad platform that can meaningfully compete with Google. How hard can that be?