Speed is the most important moat in tech. Yesterday I said every vertical AI company will fail. It's because models can do things today that weren't possible 3 months ago. Companies can make a lot of money building on that edge. Adding harnessing, evals, application logic, and other guardrails will allow you to live on the cutting edge. But in a few years, models will eat all of that harnessing, and any differentiation you've created is gone. So as everyone discusses moats, I think the most important one is the build a business that gets better with the models. Meaning that you ride that cutting edge -- which requires speed. The comfort of "focus" is gone in a world where everyone has to do everything. You used to be able to build a moat around complexity, and complexity compounded with focus. That will kill you in 2026+