2025

AI Moats: The Increasing Marginal Utility Thesis

For the first time, it’s possible to create products whose value increases with each interaction. Economists…
The Undergrad Capital Cycle

Every few years, venture capital flows back into college dorm rooms — and just as predictably,…
The Holy Grail of AI Moats: Intelligence Flywheels

Defintion: Intelligence flywheels are self-reinforcing loops where user interaction leads to learning, which improves performance, which…
The Real Risk to Incumbent Software

Last week, I wrote a post about how AI is eroding one of software’s most durable…
AI’s War Against Moats ( 7 –> 5 Powers?)

AI is compelling us to rethink software moats—especially those built on network effects and switching costs.…

AI Moats: The Increasing Marginal Utility Thesis