Technology company isn’t necessarily asset-light.
GE was also a leading “technology” company in its days.
A technology company has no boundary.
It’s a group of brightest minds that bind together and shine wherever they sees darkness.
The TAM expansion is what makes “technology” companies amazing investments.
Tesla is not asset light.
Tesla is a technology company that is expanding its TAM.
Engineers that can only make cars make a company a car company. But if these engineers can do all sorts of designs and create new stuff, they make a tech company.