WHY AI MOATS STILL MATTER (AND HOW THEY'VE CHANGED)

Summary from the TLDR Founders newsletter

AI is an incredible tool for differentiation. However, the AI-ness of capability is not a source of defensibility. The defensibility of software resides in owning the end-to-end workflow, in the context in which it's applied, becoming the system of record, having a network effect, and being deeply embedded within customers. The market opportunity for software today is largely labor.