MOATS DON'T WORK WHEN BRIDGES ARE FREE

Summary from the TLDR Founders newsletter

Software that only sells code will not survive the AI wave. There's no moat when anyone can use AI to recreate the software. Only companies with a two-sided market, a proprietary dataset, a hardware component, or a messy real-world integration layer have a real moat. The software industry is about to be re-sorted, and a lot of companies that look like category leaders won't make it.