Steam

“Roblox had a hundred and fifty million daily users in Q three of 2025. Its quarterly engagement is now equal to Steam, PlayStation, and Fortnite combined.”

“Steam has won. There's no reason to get an Xbox. There's no reason to get an Apple VR headset. They all run on Linux. It's the ultimate computer.”

“50%. That's roughly how much of all industrial energy use globally goes to generating steam.”

“Once you look at the twenty-year life cycle of a boiler, or, you know, sometimes we're out in the field and we see 30, 40, fifty-year-old boilers, it's really about the opex, the fuel, and the maintenance, but fuel itself can be 70 to 90% Of that OpEx itself. …”

“If you look at food and beverage industry, generally the cost of steam is a small fraction of the delivered product, because at the end of the day, let's say you're brewing beer. You're dominated by the cost of hops and barley and other sorts of ingredients, a…”

“A little more than half of all the world's industrial heat is delivered as steam because steam is wonderful, energy-dense, easy to move around.”

“But I do think that there's a huge business to be built on loyalty plus gaming.”

“There was a creator that learned their skills on Roblox, but then created a mobile, sorry, created a PC game called Lethal Company that became a number one game on Steam.”

“We learned that you can move electricity a thousand miles, you can move steam a thousand meters.”

“Pal World in like seven days has done two hundred million in revenue.”

“Where you aggregate demand On an online platform, and then you utilize that demand to leverage the supply side of the, of whatever industry that you're entering. And I think you look at steam and steam shares many of those attributes. And I think that move, wh…”

“I mean, now it's an eight billion dollar a year business, right?”

“They all have launchers, and they all are still forced well, not forced, but really pushed by the market to launch on Steam as well.”

“And from my vantage point, it hasn't made nearly enough, like a dent, like relative to Steam.”

“I invest in businesses, not in studios. Right? And the, and those businesses have to have a strategy that transcends, I want to make a game and put it on Steam, or I want to make a mobile game and put it in the App Store, right? And I'm really interested in th…”

“Up to about 600, the vast majority of heat is moved around as steam.”

“The app store model where you pay to download something runs directly into conflict with the notion we talked about earlier, which is those multi-platform games. So the, You know, the idea that a game would be everywhere as opposed to captive on an individual …”

“Based on Steam data, we were at the top 20% selling game, but we lost over 90% on that title.”

“If you just look at the data for Steam and League of Legends, there's, you know, a hundred million plus people who really want intense, you know, virtual experiences, and have disposable income, and a bunch of other things.”

“Initially where you know when you have sites like Steam and you know, Oculus site and all these will be the first places that you're able to sort of download, but I can see very clearly a time when you will have this sort of Netflix like library to choose from…”

“A lot of people had previously played mobile games. And one of the requirements was to download the game from Steam in order to interact with it. These weren't like hardcore gamers. Just the click process in Steam was utterly alien to them. I mean, these are p…”

“There's something that's never happened in the history of the Steam sale, which is, it was the holiday side. It was like the Christmas sale. And for the wholesale, they stayed the number one spot.”

“When they started out, they had an economic model that created a bit of a bubble and then that crashed pretty quickly because they had an inflation rate that was way too high.”

“And that helps them sort of like bug test it for like a profit. And then just like also building that community that's gonna be their sort of champions when they do launch.”