Distribution is a defendable moat however. Even for investors. Once you have a few thousand users giving you cold hard cash to use your service, you also have

Distribution is a defendable moat however. Even for investors. Once you have a few thousand users giving you cold hard cash to use your service, you also have access to way _way_ better product development and marketing information. Not to mention a lot of data you can use to fine-tune your AI in ways that a competitor starting from scratch couldn't dream to replicate. This is a big part of why you see all these BigTech companies adding AI features. Their existing user-base is the moat.