A cash-flowing core business can fund long-term speculative R&D in a way no venture capitalist would ever support.

We're taking a lot of that core cash flow from Snapchat and using it to reinvest in winning this future of computing. And what's very unique about Snapchat is we've been able to do that now for, you know, we've invested in glasses for 12 years. We've been able to very consistently invest in a way that no VC would ever in a million years support.