> models have no moat

Possibly true. Any smart innovations developed by one organization will be smuggled into others.

Training, inferring, and data collection, infrastructures are definitely moats. High-volume usage feedback is also hard to come by for new entrants.

And Google has all of those. Custom silicon, more data than anyone else and probably the most comprehensive data collection system, and phones in the hands of 73% of the global smartphone using population to push gemini into to get high volume usage feedback and even more telemetry and data.