I wonder if that is a more natural (and long-term) structure though.

The current tech formula seems to be "build the biggest moat possible - worry about profitability later"

While that is driving some of the fastest growth in history, one has to wonder what the landscape will look like once these moats are built. Will these companies have full power to price however they please?

If a company is incentivized to be profitable as they grow, would it lead to a more stable future where we have multiple competitors in each industry?