AI Moats Still Matter: How Software Defensibility Has Evolved

David Haber and Alex Rampell discuss how competitive moats in software have changed in the AI era. While AI enables differentiation, true defensibility still comes from owning end-to-end workflows, becoming the system of record, and achieving scale. The key challenge is that AI makes software easier to build, creating more competition but also making it harder to demonstrate moats before reaching mega-scale.