I&#x27;d argue there&#x27;s a big difference between companies with positive gross margins and companies with negative gross margins, though both may be making losses in total.<p>Amazon most certainly has positive gross margins - and instead chooses to reinvest profits aggressively. Tesla is less certain, but I think a far cry from some of the unicorns that continue to run on deeply negative gross margins with the expectation that scale&#x2F;future tech&#x2F;vague fantasies will save them.<p>On the other hand many unicorns don&#x27;t currently have business models where they are selling dollars for more-than-a-dollar.