"No moat", well...

How I see this is that its so important to bundle the model with the right tooling.

Like a racecar, having the best engine doesn't help if the rest of the car lacks other winning properties (reliability, aerodynics etc).

So for Cursor, which IMO, they put themself in a strong position by having both a solid IDE __and__ a solid+cost efficient model. Those two working great in combination for the task they are designed to solve (coding) is more important than benchmarks