It’s All Bullshit by Servizi Multimediali for The Baffjer:

Unlike the industrial firms that Marx and Smith wrote about, tech firms like Google differ in one key aspect: how they turn a profit. Where industrial firms extract profits from the gap between value produced and what workers get paid in wages, internet platforms rely foremost on rents, which generate profit on the basis of existing property, intellectual or otherwise. No additional labor is needed for each unit of output; profit thus becomes fundamentally extractive, or “unproductive” as Marx, or even classical economists like Smith and Ricardo, would say. For companies like Google, rent comes from owning the infrastructure through which we live our digital lives. The vast majority of Google’s windfall profits—$60 billion in 2022—come from rents.

Nothing to say other than read this piece. Wow.