Airlines have multi-billion dollar moats and are constantly on the verge of bankruptcy. If the end user can choose a competitor with near enough performance the

Airlines have multi-billion dollar moats and are constantly on the verge of bankruptcy. If the end user can choose a competitor with near enough performance then it's just a race to the bottom with huge debts and no margins. I can see moats in AI. Namely when i see an AI company with hard to replicate trained model weights to accomplish a specific task i see a fantastic moat. But $500million in infrastructure? That's just a big airline.