>So what's worth 380 billion exactly? The brand?

Whatever it is that leads to a $30bn run rate, growing >200%. Right now it's having the better model and being able to show how to use it in specific verticals.

But I suspect in the long run only platforms have high margins (and they will need margins not just revenues to justify their valuation). Are they becoming platforms? Google seems to think (or fear) that they might.