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There is a diff between extinction and stagnation.

Wall St wasn't bailing on Netflix shares in 2022 cuz they thought Netflix would turn into Napster. When subscriber numbers don't grow it's a signal of reaching the max number of subscribers on the planet who can afford to pay monthly for content

Netflix execs for years had been braying about how the internet has billions upon trillions of people. But if your subscriber counts start strugling to increase once it reaches 250 mil that's a sign of hitting people who don't have cash left in the pocket. After that peak is reached it doesn't matter how superior your tech stack or business strategy is to the competition.

It's sort of like AT&T. No one believes AT&T is going to shutdown and no one believes AT&T is going to find new customers. Cuz they have already captured those who can pay.

Growth investors will go look for other shares to buy.