There is no moat? CC: Gavin Baker jack

@GavinSBaker @jack Great Video Nick

@GavinSBaker @jack good video sir. I wish I could share my latest synthesis but can’t give up the alpha. all the best - Stan

@GavinSBaker @jack you kinda don't miss on your takes

@GavinSBaker @jack Maybe I don’t want anthropic then lol

@GavinSBaker @jack You want to sell fast if u do want it

@GavinSBaker @jack I can’t deal with it. I wanna invest in open models.

@GavinSBaker @jack No Anthropic is the pick and shovel for their customers

@GavinSBaker @jack Every business has customers. That doesn’t make every business a pick and shovel

@GavinSBaker @jack It’s picks and shovels as a service

@GavinSBaker @jack @edzitron

@GavinSBaker @jack If anything there’s too many tokens which is why token prices has come down no ?

@GavinSBaker @jack I think they’re just trying to juice ARR / not lose share

@GavinSBaker @jack Hmmm that does make sense.

@GavinSBaker @jack Think about Web 2.0. Ruthless competition at the hardware layer - laptops, servers, etc. No profit at the protocol layer. Most profitable businesses in the world at the application layer - Meta, Google, Microsoft. AI inverts what’s commoditized.

@GavinSBaker @jack Good explanation. I don’t have a grasp on this like you do, but I often wonder why the resource conversation rarely comes up in these scenarios. We’re operating on archaic infrastructure & this technology uses infinite levels, yet most conversations act like everything is fine.

@GavinSBaker @jack The moat is execution, distribution, and trust—not features. You and @magaamerica1965 deliver consistently accurate, objective, and rational analysis, making you both easily my favorite follows.!

@GavinSBaker @jack Hey Nick great explanation. I love your videos. Do you think the semi trade is over for now? I recently reallocated profits last week.

@GavinSBaker @jack I’m not sure

@GavinSBaker @jack Thank you for the detailed answer

@GavinSBaker @jack Excellent analysis 👌