> With AI there is no moat that I can think of I was also thinking about that yes. I think it’s mostly data (a sort of network effect), capex, and state-of-the

> With AI there is no moat that I can think of I was also thinking about that yes. I think it’s mostly data (a sort of network effect), capex, and state-of-the-art engineering/research. A bit like TSMC and ASML. Also heavy capex and engineering moats.