i agree with this, "Enterprises will almost always pick a turnkey solution".

For now it's Anthropic. But i don't see how they can maintain this leader position when other companies can provide similar services with models good enough for 90% use cases and at way lower cost.

Anthropic so far is doing a good job building and serving frontier models, they built a nice toolset around it (the web ui, desktop and cli apps ...) but the problem is to justify their IPO price and the huge investments when their moat is so thin

That's fair, the moat is definitely thin now, but despite that we still haven't seen a mass exodus from enterprise to cheaper models despite ~1 year of these models being actually capable enough to use in a professional setting, their growth numbers remain ridiculous. Whether their moat is inherent bureaucracy in switching, liability, odds that they will remain at the frontier long term, or whatever, it appears to be working (so far).