Dovey "Rug the fiat" Wan (hiring)(@DoveyWan):The vast majority of last-gen internet businesses basically all had a first-mover advantage because of network effects/ marginal costs close to zero; but the LLM business might be a later-mover advantage. First mover might have economies of scale, but the marginal costs are very likely convex. This is also different from past disruptive innovation businesses with economies of scale (electricity/automobiles).

Dovey "Rug the fiat" Wan (hiring)@DoveyWan

2026.09.22 13:18

The vast majority of last-gen internet businesses basically all had a first-mover advantage because of network effects/ marginal costs close to zero; but the LLM business might be a later-mover advantage. First mover might have economies of scale, but the marginal costs are very likely convex. This is also different from past disruptive innovation businesses with economies of scale (electricity/automobiles).

Dovey "Rug the fiat" Wan (hiring)@DoveyWan

2026.09.03 00:10

Unlike internet's old network effect winner, the ai war's - research/benchmark winner - adoption/usage winner - ROIC/revenue winner they are likely not the the same

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