Clouded Judgement: Moats in the Age of AI

The article argues that traditional software moats are increasingly time-bound and temporary, with AI compression reducing competitive advantages from 6-12 months to 2-3 weeks, making execution speed the only sustainable competitive edge. It provides comprehensive SaaS benchmarking data across 10+ public companies, showing median metrics including 11% NTM growth, 76% gross margins, 108% net retention, and 18% FCF margins, with valuation multiples ranging from 5.6x to 23.2x depending on growth rates.