Maybe moat is also just product quality? I.e. having the "taste" or knowledge of what the consumer actually wants, and the ability to apply it correctly, can also allow you to win. Because right now some of the AI industry wins on Moat (mostly hardware - both in terms of ownership and production know-how), while some wins on perceived quality being higher regardless of price (e.g. Opus 5.5 dominates from what I can see despite Deepseek Flash V4.1 existing). People will choose the best product, not just the cheapest, unless the quality loss is okay in a given context.