We are only ever one computer science paper or github repo away from all of their moat fading to dust anyways. The question everyone financial should be asking is “what happens when folks don’t _need_ to pay these people anymore?”

Anthropic? absolutely. But there is a strong Jevons paradox component.

OpenAI, Google, or SpaceX have a moat of hardware and energy. If AI is 100x cheaper orgs will use 100x more AI and the benefit of algorithmic improvements will flow to whoever has the hardware to run it.