Vertically Integrated Companies

“The reality is, when you look at the ecosystem today versus two years ago, the vertically integrated companies have not been able to leverage that vertical integration into some model advantage.”

“Doing kind of this barbell where it's mostly these vertically integrated companies, I've written a bunch about these, we can talk about them but kind of thesis being companies that use both kind of hardware and software, build vertically integrated systems It …”

“Large vertically integrated companies have two options. One is basically you do the whole thing and you win and you're like TSMC or like Tesla big, or you like die getting there. And there's no kind of halfway mark.”