I was not able to find any research that posits that moat strength is determined by customer diversity.

I think customer diversity correlates instead with resilience.

Author isn't non-financial, but the "moat 2.0" doesn't feel right.

> More than anything, though, I believe in the market power and defensibility of 800 million users, which is why I think ChatGPT still has a meaningful moat.

It's 800M weekly active users according to ChatGPT. I keep hearing that once you segment paid and unpaid, daily ChatGPT users fall off dramatically (<10% for paid and far less for unpaid).

I would say that customer diversity may be a marker of past resilience, and likely results in moat.

Customer diversity says nothing about current or future resilience.