https://minutesof.com/bill-gurley/on/ai-moats/ Everything Bill Gurley has said on AI moats: 124 verbatim quotes between April 2013 and August 2026, each with a timestamp and a link to the recording it… en Sun, 30 Aug 2026 16:21:58 +0000 https://minutesof.com/q/2afbab4b-0826-4acd-bd3b-f21b355f591e/ https://minutesof.com/q/2afbab4b-0826-4acd-bd3b-f21b355f591e/ “There's Anthropic's lobbying the only company that has lobbied as much as Anthropic early in its life was was FTX and SBF.” — Bill Gurley Tue, 21 Jul 2026 17:02:49 +0000 ai moats https://minutesof.com/q/26430594-fc82-4c0f-b3b2-e17a8c9a309e/ https://minutesof.com/q/26430594-fc82-4c0f-b3b2-e17a8c9a309e/ “Like, they he also lobbied heavily, but they have people on the ground in every state. They're the ones pushing for state by state regulation.” — Bill Gurley Tue, 21 Jul 2026 17:02:49 +0000 ai moats https://minutesof.com/q/63703631-a706-485d-9fec-eed78dac23c2/ https://minutesof.com/q/63703631-a706-485d-9fec-eed78dac23c2/ “For that person, AI is a jetpack. Like they can now do more things faster than they wanted to do, and they can achieve more than they were able to before.” — Bill Gurley Wed, 15 Jul 2026 16:30:41 +0000 ai moats https://minutesof.com/q/7e0138ad-f8a5-411d-97bf-10d038ba2ba2/ https://minutesof.com/q/7e0138ad-f8a5-411d-97bf-10d038ba2ba2/ “if you've raised in these days of these AI rounds, if you raise 500,000,000, Lake Common doesn't even participate until you get a sale over that, technically.” — Bill Gurley Wed, 15 Jul 2026 16:30:41 +0000 ai moats https://minutesof.com/q/c727c5c6-f418-4490-a239-27b96cf08737/ https://minutesof.com/q/c727c5c6-f418-4490-a239-27b96cf08737/ “And if you are the most AI productive human in your field, you're not getting fired. Like, you're you're the one they're asking all the questions of.” — Bill Gurley Wed, 15 Jul 2026 16:30:41 +0000 ai moats https://minutesof.com/q/a9c81e3e-d001-4250-b1e7-78614d5bd9c4/ https://minutesof.com/q/a9c81e3e-d001-4250-b1e7-78614d5bd9c4/ “I'll use a simple metaphor, but imagine you have two societies and both agricultural societies.” — The Knowledge Project Podcast Tue, 09 Jun 2026 10:00:30 +0000 ai moats https://minutesof.com/q/7fc89112-8507-4b35-920f-772137efbe56/ https://minutesof.com/q/7fc89112-8507-4b35-920f-772137efbe56/ “If you told me five years ago that these, mag seven would become worth $3,000,000,000,000 and then turn around and take their free cash flow from 50 to a 100,000,000,000 a year down near zero because they were gonna spend it all on CapEx, I'd have been like, no way. Like, I wouldn't have believed it.” — The Knowledge Project Podcast Tue, 09 Jun 2026 10:00:30 +0000 ai moats https://minutesof.com/q/1d02062d-b9f0-4dcb-80d6-b77ca205051c/ https://minutesof.com/q/1d02062d-b9f0-4dcb-80d6-b77ca205051c/ “And then he says, it could be a capitalist economy of AI systems, which then give out resources to humans based on some secondary economy of what the AI systems think makes sense to reward in humans.” — All-In Podcast Fri, 29 May 2026 22:47:49 +0000 ai moats https://minutesof.com/q/eb1791ac-c0cf-4184-a426-f4f6bc2fdcf5/ https://minutesof.com/q/eb1791ac-c0cf-4184-a426-f4f6bc2fdcf5/ “I think they're midwifing a deity gear. And and I don't know which one I'm more afraid of, the regulatory capture or the second theory I call the Doctor.” — All-In Podcast Fri, 29 May 2026 22:47:49 +0000 ai moats https://minutesof.com/q/513cf376-60ea-46f0-9750-634aadf377de/ https://minutesof.com/q/513cf376-60ea-46f0-9750-634aadf377de/ “Some of the smarter people in the open source community have suggested to me that we need more open source connectors of types. So MCP, is actually run by the Linux Foundation.” — All-In Podcast Fri, 29 May 2026 22:47:49 +0000 ai moats https://minutesof.com/q/a836bc2e-b869-476e-8ac8-dad40b65601e/ https://minutesof.com/q/a836bc2e-b869-476e-8ac8-dad40b65601e/ “And so the thing that could happen is we could have a productivity boom from lower priced goods and services.” — All-In Podcast Fri, 29 May 2026 22:47:49 +0000 ai moats https://minutesof.com/q/c2d715e1-88b7-4a6e-b594-4b5cc2ce6309/ https://minutesof.com/q/c2d715e1-88b7-4a6e-b594-4b5cc2ce6309/ “I think people that are high agency and fascinated are, they not only study the history of their field and all that, but they're constantly studying the edge of their field, which is a much safer place to be.” — MIT Sloan VCPE Mon, 11 May 2026 19:59:13 +0000 ai moats https://minutesof.com/q/33aa1a17-600d-48aa-ac3b-57a768c6977a/ https://minutesof.com/q/33aa1a17-600d-48aa-ac3b-57a768c6977a/ “If you just arm yourself with the road algorithms that they taught you in school, those are in the models.” — MIT Sloan VCPE Mon, 11 May 2026 19:59:13 +0000 ai moats https://minutesof.com/q/46d1c7e4-b301-42d2-98e8-c39af26423b2/ https://minutesof.com/q/46d1c7e4-b301-42d2-98e8-c39af26423b2/ “And what happens is with a wave that's real, people get rich quick. When people get rich quick, fools rush in. Like speculators, charlatans, they come in.” — MIT Sloan VCPE Mon, 11 May 2026 19:59:13 +0000 ai moats https://minutesof.com/q/e193f3ee-7c8f-4a36-9c7c-2765ddd7bce8/ https://minutesof.com/q/e193f3ee-7c8f-4a36-9c7c-2765ddd7bce8/ “I have this interesting theory where almost any job you could think of it as being an artisan.” — Silicon Valley Girl Clips Mon, 27 Apr 2026 23:00:02 +0000 ai moats https://minutesof.com/q/54cb11fd-63e4-4494-97dd-45427d018d58/ https://minutesof.com/q/54cb11fd-63e4-4494-97dd-45427d018d58/ “Anthropic's lobbying the only company that has lobbied as much as Anthropic early in its life was was FTX and SBF. Like, they he also lobbied heavily.” — Tom Bilyeu Thu, 23 Apr 2026 13:01:05 +0000 ai moats https://minutesof.com/q/207e2db4-50ca-4a83-8176-b941d3714ecf/ https://minutesof.com/q/207e2db4-50ca-4a83-8176-b941d3714ecf/ “I think what may happen if you look at what happened with the Internet, there was a global market that the American company served, and there was a ring fence around China.” — Tom Bilyeu Thu, 23 Apr 2026 13:01:05 +0000 ai moats https://minutesof.com/q/23a969a2-5061-4d6e-8304-9cb4a8df86ed/ https://minutesof.com/q/23a969a2-5061-4d6e-8304-9cb4a8df86ed/ “It needs to be quite deterministic, and so I think the software that's safer is one where there's a need for deterministic data,” — Forbes Tue, 21 Apr 2026 23:11:11 +0000 ai moats https://minutesof.com/q/562b8dc9-626b-4f01-b14d-58e8dfa3bdc7/ https://minutesof.com/q/562b8dc9-626b-4f01-b14d-58e8dfa3bdc7/ “And so I think that's where we are right now. It's real, it's disruptive, it's amazing, it it's changing a lot of different things in industry.” — Metis Strategy Fri, 10 Apr 2026 07:00:00 +0000 ai moats https://minutesof.com/q/ffef1e34-a652-4c52-a111-33560e8e48aa/ https://minutesof.com/q/ffef1e34-a652-4c52-a111-33560e8e48aa/ “I thought losing 2,000,000,000 a year was nuts and very anxiety inducing, And these companies are doing more than that.” — Metis Strategy Fri, 10 Apr 2026 07:00:00 +0000 ai moats https://minutesof.com/q/cdefc7df-cda5-4700-8d29-27714200ce5e/ https://minutesof.com/q/cdefc7df-cda5-4700-8d29-27714200ce5e/ “And in some ways I would say people with high agency that are really fascinated about what they do, their life is accelerated by AI.” — Prof G Markets Fri, 27 Mar 2026 11:00:44 +0000 ai moats https://minutesof.com/q/3916df0a-ae9e-48ea-9091-3bcb1c22c4cf/ https://minutesof.com/q/3916df0a-ae9e-48ea-9091-3bcb1c22c4cf/ “I think the circular deals are horrific. I don't think the auditor should have approved them. And I think whenever you eventually have an unwinding, they're gonna make it worse because they won't be sustainable.” — Prof G Markets Fri, 27 Mar 2026 11:00:44 +0000 ai moats https://minutesof.com/q/b7b0e59d-9163-4caa-9cd5-f7e1864e8839/ https://minutesof.com/q/b7b0e59d-9163-4caa-9cd5-f7e1864e8839/ “You shouldn't be able to move cash from your balance sheet and create revenue on your income statement. I just don't think that should be okay. But they're all doing it.” — Prof G Markets Fri, 27 Mar 2026 11:00:44 +0000 ai moats https://minutesof.com/q/4bcc4a0f-d365-451d-8017-91d3532b2df8/ https://minutesof.com/q/4bcc4a0f-d365-451d-8017-91d3532b2df8/ “I just explained the structure of them to chat GPT, and I would encourage anyone to go do this like it's a exercise anyone could do.” — Prof G Markets Fri, 27 Mar 2026 11:00:44 +0000 ai moats https://minutesof.com/q/155ebc2c-332b-4d65-97c1-cb00df037d5d/ https://minutesof.com/q/155ebc2c-332b-4d65-97c1-cb00df037d5d/ “So you get equity for credits and then those credits are used to run workloads on Azure. That is cashless revenue for Microsoft.” — Prof G Markets Fri, 27 Mar 2026 11:00:44 +0000 ai moats https://minutesof.com/q/f239d8bf-d4d7-4bca-bf01-84e3ab1c7f2a/ https://minutesof.com/q/f239d8bf-d4d7-4bca-bf01-84e3ab1c7f2a/ “And I think you guys mentioned this, but the polling on AI fear in China is like 20% or something like that. And it's like 80 here in America.” — Prof G Markets Fri, 27 Mar 2026 11:00:44 +0000 ai moats https://minutesof.com/q/a65b4d1c-6546-4202-aeb7-687602eee76d/ https://minutesof.com/q/a65b4d1c-6546-4202-aeb7-687602eee76d/ “That starts- Some of the founders. Yeah. And it's starting to have ramifications for the industry. A number of data center projects has been stopped.” — Prof G Markets Fri, 27 Mar 2026 11:00:44 +0000 ai moats https://minutesof.com/q/e9edbc38-d9be-482d-914e-0289ed176255/ https://minutesof.com/q/e9edbc38-d9be-482d-914e-0289ed176255/ “So there's these new areas there and now AI where very young companies are begging for regulation, which is not anything I've seen in my career either.” — Prof G Markets Fri, 27 Mar 2026 11:00:44 +0000 ai moats https://minutesof.com/q/ad476678-15dd-466a-be2b-1b1b02718825/ https://minutesof.com/q/ad476678-15dd-466a-be2b-1b1b02718825/ “Can also though frame Like they're also raising billions and billions of dollars for the They're leading the biggest secondary transactions for their employees in the history of venture capital, the history of the world.” — Mighty Pursuit Tue, 24 Mar 2026 15:49:15 +0000 ai moats https://minutesof.com/q/e4043dbe-2145-4a8c-b890-3c30405eb7b2/ https://minutesof.com/q/e4043dbe-2145-4a8c-b890-3c30405eb7b2/ “They're leading the biggest secondary transactions for their employees in the history of venture capital, the history of the world.” — Mighty Pursuit Tue, 24 Mar 2026 15:49:15 +0000 ai moats https://minutesof.com/q/0158a532-e7ce-4b2b-996d-8635aef6f23e/ https://minutesof.com/q/0158a532-e7ce-4b2b-996d-8635aef6f23e/ “And so people are putting billions of dollars in their pocket. And so there's also a huge incentive to from the two leading model providers to seek regulatory protection, which most people wouldn't think regulation is but they've been begging for regulation since they started from from three years ago.” — Mighty Pursuit Tue, 24 Mar 2026 15:49:15 +0000 ai moats https://minutesof.com/q/6dc3f095-6bdb-4fa0-89ad-d1424af5f9ff/ https://minutesof.com/q/6dc3f095-6bdb-4fa0-89ad-d1424af5f9ff/ “And the reason I think they want it is the biggest threat to their businesses where they're cashing in billions of dollars is the open source movement.” — Mighty Pursuit Tue, 24 Mar 2026 15:49:15 +0000 ai moats https://minutesof.com/q/612e2837-3f64-4d0a-9d89-4dc039f838af/ https://minutesof.com/q/612e2837-3f64-4d0a-9d89-4dc039f838af/ “the biggest threat to their businesses where they're cashing in billions of dollars is the open source movement.” — Mighty Pursuit Tue, 24 Mar 2026 15:49:15 +0000 ai moats https://minutesof.com/q/8b5e4658-34d2-4329-8df4-b2a41a7dcbd1/ https://minutesof.com/q/8b5e4658-34d2-4329-8df4-b2a41a7dcbd1/ “Why? I think it's because the leaders over there that are working on these products aren't doing the doomsday stuff that Dario is doing.” — Mighty Pursuit Tue, 24 Mar 2026 15:49:15 +0000 ai moats https://minutesof.com/q/ecc15017-3614-45f0-8c79-0aa93a8bf503/ https://minutesof.com/q/ecc15017-3614-45f0-8c79-0aa93a8bf503/ “The people leading the effort at the top companies here in The US are the biggest doomsayers. It's radical.” — Mighty Pursuit Tue, 24 Mar 2026 15:49:15 +0000 ai moats https://minutesof.com/q/1efc9f3a-17ba-4cfc-8c7c-1a1723ee234c/ https://minutesof.com/q/1efc9f3a-17ba-4cfc-8c7c-1a1723ee234c/ “And the past week in the financial markets, like a whole bunch of companies, you know, traded down because of fear that this would would disrupt them.” — Mighty Pursuit Tue, 24 Mar 2026 15:49:15 +0000 ai moats https://minutesof.com/q/a34f5372-de74-4c0e-acc9-8eacfdda2738/ https://minutesof.com/q/a34f5372-de74-4c0e-acc9-8eacfdda2738/ “part of what's really cool about an artisan or a craftsman is they're really studying the nuance at the edge of the field. And that's the stuff that's not in the AI model.” — Anthony Scaramucci Tue, 17 Mar 2026 16:00:20 +0000 ai moats https://minutesof.com/q/0ca7c98f-fe4d-4695-a284-a881d62e65be/ https://minutesof.com/q/0ca7c98f-fe4d-4695-a284-a881d62e65be/ “So AI and large language models are recording like all the best practices that have been written down. But the stuff that's on the edge that's being discovered today is not in the models.” — Silicon Valley Girl Clips Mon, 16 Mar 2026 13:01:05 +0000 ai moats https://minutesof.com/q/39994756-b5d6-488b-9611-16a6b4a383a1/ https://minutesof.com/q/39994756-b5d6-488b-9611-16a6b4a383a1/ “AI and large language models are recording like all the best practices that have been written down. But the stuff that's on the edge that's being discovered today is not in the models.” — Silicon Valley Girl Clips Mon, 16 Mar 2026 13:01:05 +0000 ai moats https://minutesof.com/q/95654a14-dfc1-4344-b977-fdf441aebb58/ https://minutesof.com/q/95654a14-dfc1-4344-b977-fdf441aebb58/ “Now, if you contrast that with someone who is a proactive, independent climber, who's trying to build their craft, their world, they're a continuous learner. For that person, AI is a jet pack.” — Chris Williamson Sat, 14 Mar 2026 15:00:16 +0000 ai moats https://minutesof.com/q/e7b0b220-9cd6-4a74-a1e5-3fa2e4fed4b0/ https://minutesof.com/q/e7b0b220-9cd6-4a74-a1e5-3fa2e4fed4b0/ “There's tons of anthropologists that have written about how we evolve with our tools, and you can just imagine a farming competition between a guy with a tractor and some drones and the other guys got a plow and a donkey. Who's gonna win? And you need to think about it that way.” — Bill Gurley Fri, 06 Mar 2026 02:57:59 +0000 ai moats https://minutesof.com/q/f24b53db-8e51-430d-8a83-452bade1b4a4/ https://minutesof.com/q/f24b53db-8e51-430d-8a83-452bade1b4a4/ “If there are 40 people in your org all doing the same thing and you understand how AI affects that role more than the rest of them, you're not getting laid off.” — Bill Gurley Fri, 06 Mar 2026 02:57:59 +0000 ai moats https://minutesof.com/q/ad383df2-d709-4518-a543-b4317e57dee8/ https://minutesof.com/q/ad383df2-d709-4518-a543-b4317e57dee8/ “So if you somehow put yourself on the edge of the industry and are thinking about what's coming in the future, you're more future proof from this.” — Bill Gurley Fri, 06 Mar 2026 02:57:59 +0000 ai moats https://minutesof.com/q/ed64b474-d5b1-49aa-b0af-480f49214056/ https://minutesof.com/q/ed64b474-d5b1-49aa-b0af-480f49214056/ “Mark Cuban the other day tweeted, he said he said there's two types of people. The the people that use LLMs to learn faster and the people that use LLMs to not learn at all.” — Bill Gurley Fri, 06 Mar 2026 02:57:59 +0000 ai moats https://minutesof.com/q/3dc55801-84c8-4ec3-82aa-d2d2dcd8c013/ https://minutesof.com/q/3dc55801-84c8-4ec3-82aa-d2d2dcd8c013/ “I don't think they're dependent on the partner anymore, and it harkens back in my brain to IBM letting Microsoft put the OS inside their PC.” — Bloomberg Podcasts Thu, 05 Mar 2026 01:47:37 +0000 ai moats https://minutesof.com/q/2d1639dd-c74e-45fa-8656-561f596627f3/ https://minutesof.com/q/2d1639dd-c74e-45fa-8656-561f596627f3/ “And I don't think the world, especially the the the politicians understand how, like unbelievably powerful open source is as a a as a weapon, like, as a competitive weapon.” — BigDeal by Codie Sanchez Wed, 04 Mar 2026 15:00:36 +0000 ai moats https://minutesof.com/q/08fa0e21-7e51-43ed-9d85-3ecb68d0c16f/ https://minutesof.com/q/08fa0e21-7e51-43ed-9d85-3ecb68d0c16f/ “I don't think the world, especially the the the politicians understand how, like unbelievably powerful open source is as a a as a weapon, like, as a competitive weapon.” — BigDeal by Codie Sanchez Wed, 04 Mar 2026 15:00:36 +0000 ai moats https://minutesof.com/q/a2ff5dff-54a5-44d7-86dd-3f44d1147b98/ https://minutesof.com/q/a2ff5dff-54a5-44d7-86dd-3f44d1147b98/ “I think the odds that that, you know, The US with two, you know, proprietary models can stay ahead of China with 10 open source ones is very low.” — BigDeal by Codie Sanchez Wed, 04 Mar 2026 15:00:36 +0000 ai moats https://minutesof.com/q/7339e8da-6ddc-4065-b386-8fef28d5a1bd/ https://minutesof.com/q/7339e8da-6ddc-4065-b386-8fef28d5a1bd/ “And for most of these high-tech companies, the next five years cash flow are a fraction of their actual market cap, which means all the values in the terminal value.” — Brew Markets Fri, 27 Feb 2026 20:28:10 +0000 ai moats https://minutesof.com/q/6803df25-a6a8-4d80-9924-ba2cd86f9707/ https://minutesof.com/q/6803df25-a6a8-4d80-9924-ba2cd86f9707/ “There's a reality where a modern venture capitalist does not wanna take a meeting in anything on AI.” — Young and Profiting Mon, 23 Feb 2026 11:01:05 +0000 ai moats https://minutesof.com/q/60b72bce-4c3d-4330-a6a9-9d3a307862ce/ https://minutesof.com/q/60b72bce-4c3d-4330-a6a9-9d3a307862ce/ “One of the things that happens any time there's a technology wave is people get rich quick and then a whole bunch of people see people getting rich quick and they rush in.” — Young and Profiting Mon, 23 Feb 2026 11:01:05 +0000 ai moats https://minutesof.com/q/1e467aea-35c7-47e2-bbee-e2c6e297a62e/ https://minutesof.com/q/1e467aea-35c7-47e2-bbee-e2c6e297a62e/ “When you're in a bubbly time, and we may be right now with AI, people do silly things, things that don't usually work. They get very speculative.” — Young and Profiting Mon, 23 Feb 2026 11:01:05 +0000 ai moats https://minutesof.com/q/c7bf87f2-a024-4f3a-9a5c-99506143e0c5/ https://minutesof.com/q/c7bf87f2-a024-4f3a-9a5c-99506143e0c5/ “There is a reality where a modern venture capitalist does not want to take a meeting, uninterested in anything on AI.” — Young and Profiting Mon, 23 Feb 2026 11:01:05 +0000 ai moats https://minutesof.com/q/16efa965-b8dd-4e1f-9cbe-d2e0b9d136e5/ https://minutesof.com/q/16efa965-b8dd-4e1f-9cbe-d2e0b9d136e5/ “But I I think it's unquestionably true. Like there's just zero interest. And so that's a tough call for someone that's in a business that may have good unit economics that's not AI.” — Young and Profiting Mon, 23 Feb 2026 11:01:05 +0000 ai moats https://minutesof.com/q/5eb89444-9fb4-41a0-9286-a46c2c7a1102/ https://minutesof.com/q/5eb89444-9fb4-41a0-9286-a46c2c7a1102/ “So there were you went from a period of innovation to a period of optimization where people are much more worried about cost.” — Yahoo Finance Mon, 26 Jan 2026 13:00:06 +0000 ai moats https://minutesof.com/q/d3207c47-aae5-4f3e-b3ce-b72c8f5f5808/ https://minutesof.com/q/d3207c47-aae5-4f3e-b3ce-b72c8f5f5808/ “If the wave is real, then you're going to have bubble like behavior. Like they come together as a pair precisely because anytime there's very quick wealth creation, you're going to get a lot of people that want to come try and take advantage of that or participate in it.” — Tim Ferriss Wed, 17 Dec 2025 16:45:52 +0000 ai moats https://minutesof.com/q/bd5b05d6-34a6-4b5a-b236-2f88b007c06d/ https://minutesof.com/q/bd5b05d6-34a6-4b5a-b236-2f88b007c06d/ “And that's not to say there won't be an incremental AI investment that makes money, I think there will. But your odds right now of that being the case are really, really low.” — Tim Ferriss Wed, 17 Dec 2025 16:45:52 +0000 ai moats https://minutesof.com/q/ca322c81-0e52-4f74-8498-094a688c0276/ https://minutesof.com/q/ca322c81-0e52-4f74-8498-094a688c0276/ “That is very unusual. That's not the same as making an investment. That could easily help CoreWeave with their debtors and and getting more debt financing.” — Bg2 Pod Tue, 14 Oct 2025 23:56:17 +0000 ai moats https://minutesof.com/q/ef7b15a8-cd98-4f36-a05b-c737f3951a71/ https://minutesof.com/q/ef7b15a8-cd98-4f36-a05b-c737f3951a71/ “One of the more peculiar of all the deals is, and this was disclosed in a CoreWeave filing, was NVIDIA has promised to buy any of CoreWeave's service availability that they can't sell to anyone else. That is very unusual. That's not the same as making an investment.” — BG2 Pod Tue, 14 Oct 2025 23:40:02 +0000 ai moats https://minutesof.com/q/cf90251e-a478-4fa1-adf6-3445694c5eac/ https://minutesof.com/q/cf90251e-a478-4fa1-adf6-3445694c5eac/ “That could easily help CoreWeave with their debtors and and getting more debt financing. But it also means as a investor, we we don't know what's going on with real demand for CoreWeave because we probably won't be told if they start moving into the world where they're offloading to NVIDIA or not.” — BG2 Pod Tue, 14 Oct 2025 23:40:02 +0000 ai moats https://minutesof.com/q/5e755aba-f687-4536-ad57-34a4a9dc2d51/ https://minutesof.com/q/5e755aba-f687-4536-ad57-34a4a9dc2d51/ “I think there may be seven or eight dig pocketed players with open models in China, they all learn from each other extremely fast.” — BG2 Pod Thu, 31 Jul 2025 15:11:15 +0000 ai moats https://minutesof.com/q/a4421198-8184-45f7-9a12-37a84f641769/ https://minutesof.com/q/a4421198-8184-45f7-9a12-37a84f641769/ “I do expect to see that. And if I'm the Mistral team, if you're not distilling on these Chinese models, I don't know what you're doing right now.” — BG2 Pod Thu, 31 Jul 2025 15:11:15 +0000 ai moats https://minutesof.com/q/e9c81378-12b4-44eb-9df8-06a50109f89c/ https://minutesof.com/q/e9c81378-12b4-44eb-9df8-06a50109f89c/ “I still think it's particularly interesting that Google has to compete with OpenAI because OpenAI is gonna lose 7,000,000,000 this year and Google won't. Like they would never allow themselves to do that.” — BG2 Pod Thu, 31 Jul 2025 15:11:15 +0000 ai moats https://minutesof.com/q/d36dd034-e36f-4370-9235-6b98149f4ca5/ https://minutesof.com/q/d36dd034-e36f-4370-9235-6b98149f4ca5/ “There's rumors of even some of the best known brands in AI having negative gross margin.” — BG2 Pod Thu, 31 Jul 2025 15:11:15 +0000 ai moats https://minutesof.com/q/73d7db06-dce9-4935-86ad-f9f531266347/ https://minutesof.com/q/73d7db06-dce9-4935-86ad-f9f531266347/ “I continue to believe that OpenAI's most likely chance to long term success comes from switching cost and lock in more than it will come from staying on the edge of the of the model race? Because I think” — BG2 Pod Thu, 31 Jul 2025 15:11:15 +0000 ai moats https://minutesof.com/q/899389ab-537c-4e0e-abdb-7bac077b2ac1/ https://minutesof.com/q/899389ab-537c-4e0e-abdb-7bac077b2ac1/ “Microsoft derivatively is supporting ChatGPT as is Oracle and CoreWeave on this slide. Amazon doesn't really have a big consumer application, right?” — BG2 Pod Fri, 20 Jun 2025 00:11:39 +0000 ai moats https://minutesof.com/q/5fa65c40-4a35-4267-9cf0-24691152754e/ https://minutesof.com/q/5fa65c40-4a35-4267-9cf0-24691152754e/ “Google has 187,000 employees, OpenAI 2,700. We're not going to be a company of 20,000 employees. He didn't say we're not going be a company of 187,000 employees, Right?” — BG2 Pod Fri, 20 Jun 2025 00:11:39 +0000 ai moats https://minutesof.com/q/9f1cae2d-8ecf-49d8-a29c-0617fe1a5fbf/ https://minutesof.com/q/9f1cae2d-8ecf-49d8-a29c-0617fe1a5fbf/ “I think post LLM, the world believes, and I think this is my fifth point or something, but the world believes AI is the biggest platform shift in anyone's lifetime.” — Invest Like the Best Tue, 10 Jun 2025 08:00:00 +0000 ai moats https://minutesof.com/q/ae267b39-192b-48a9-bf76-de676192f9b4/ https://minutesof.com/q/ae267b39-192b-48a9-bf76-de676192f9b4/ “Traditional company building isn't spend a 100 or 150,000,000 a year in cash burn, but all the big AI companies are doing that, maybe more.” — Invest Like the Best Tue, 10 Jun 2025 08:00:00 +0000 ai moats https://minutesof.com/q/bea14b6b-bc50-449c-b8eb-9e0c33ee7b0c/ https://minutesof.com/q/bea14b6b-bc50-449c-b8eb-9e0c33ee7b0c/ “I think OpenAI said they're gonna be 7,000,000,000 in a year. That's not your grandfather's startup business or your grandfather's venture capital. That's a radically different world.” — Invest Like the Best Tue, 10 Jun 2025 08:00:00 +0000 ai moats https://minutesof.com/q/68a7fb3a-1d0a-4785-be79-73c6a4c97f2c/ https://minutesof.com/q/68a7fb3a-1d0a-4785-be79-73c6a4c97f2c/ “What happened in China, however, is Alibaba made Twin open source. Xiaomi has a model out now.” — Invest Like the Best Tue, 10 Jun 2025 08:00:00 +0000 ai moats https://minutesof.com/q/6df33c77-f744-49e4-a3c7-6dc7fbea4e25/ https://minutesof.com/q/6df33c77-f744-49e4-a3c7-6dc7fbea4e25/ “And Robin Li of Baidu had his model proprietary and he said in June, it's going to be open source.” — Invest Like the Best Tue, 10 Jun 2025 08:00:00 +0000 ai moats https://minutesof.com/q/e804c4a9-ca71-4f7a-b17b-3186f1b734e9/ https://minutesof.com/q/e804c4a9-ca71-4f7a-b17b-3186f1b734e9/ “And so that level of competition, if it leads to four deep pocketed all open products is gonna be ultra powerful.” — Invest Like the Best Tue, 10 Jun 2025 08:00:00 +0000 ai moats https://minutesof.com/q/ffefa2e3-ee50-46c3-ad6e-11517efad566/ https://minutesof.com/q/ffefa2e3-ee50-46c3-ad6e-11517efad566/ “Bingo. And I think had we continued on that path or if we go back towards that path, because I don't think this is over.” — BG2 Pod Thu, 22 May 2025 16:23:05 +0000 ai moats https://minutesof.com/q/82785e3f-5876-4e15-8fb0-ddafa5ff5e7f/ https://minutesof.com/q/82785e3f-5876-4e15-8fb0-ddafa5ff5e7f/ “this will be the fourth deep pocket funded model in China that are all open source. And when you consider I mean, this is a competitive dynamic, right, that leads to that.” — BG2 Pod Thu, 22 May 2025 16:23:05 +0000 ai moats https://minutesof.com/q/c7989118-6a29-4f08-9568-e50b14854a3e/ https://minutesof.com/q/c7989118-6a29-4f08-9568-e50b14854a3e/ “Dario and Sam talk in these high level platitudes about how this stuff's gonna cure cancer and we're all gonna not have to work anymore. And Zuck was down in the weeds in the meet.” — Bg2 Pod Mon, 06 Jan 2025 21:47:42 +0000 ai moats https://minutesof.com/q/7248cc4c-a766-4898-a77f-0a473c94f72a/ https://minutesof.com/q/7248cc4c-a766-4898-a77f-0a473c94f72a/ “A log I e, it takes 10 x more investment to get the next iteration. Well, 10 x more investment, you know, you know, going from 30,000,000 to 300,000,000, 300,000,000 to 3,000,000,000 is relevant.” — Bg2 Pod Mon, 23 Dec 2024 20:25:20 +0000 ai moats https://minutesof.com/q/c4005777-b6ad-4670-bcaf-ceb3ab21315d/ https://minutesof.com/q/c4005777-b6ad-4670-bcaf-ceb3ab21315d/ “Why is Microsoft building multiple gigawatt data centers plus buying billions and billions of dollars of fiber to connect them together because they think, hey.” — Bg2 Pod Mon, 23 Dec 2024 20:25:20 +0000 ai moats https://minutesof.com/q/9aed22e0-c898-4e8e-9a74-966679c754b1/ https://minutesof.com/q/9aed22e0-c898-4e8e-9a74-966679c754b1/ “I outputted a thousand tokens to I outputted 11,000 tokens. I've 10x'd my spend to generate no. Not the same thing. Right? It's higher quality.” — Bg2 Pod Mon, 23 Dec 2024 20:25:20 +0000 ai moats https://minutesof.com/q/3af95131-05a1-45d4-ae2d-9578bd46190d/ https://minutesof.com/q/3af95131-05a1-45d4-ae2d-9578bd46190d/ “Cost increase for a single token to be generated is four to five x, but then I'm generating 10 x as many tokens.” — Bg2 Pod Mon, 23 Dec 2024 20:25:20 +0000 ai moats https://minutesof.com/q/4a0e2fd9-353f-417e-b371-e627e55d06c2/ https://minutesof.com/q/4a0e2fd9-353f-417e-b371-e627e55d06c2/ “If you just look at, I guess, workloads people are purchasing to do work on their own, so you take the captives out, you're at 98, right?” — BG2 Pod Mon, 23 Dec 2024 20:12:56 +0000 ai moats https://minutesof.com/q/9e8745ec-5c54-4385-accb-630672e0cc36/ https://minutesof.com/q/9e8745ec-5c54-4385-accb-630672e0cc36/ “They had left that impression. And so we get to this place as you described it, it's not quite like that.” — BG2 Pod Mon, 23 Dec 2024 20:12:56 +0000 ai moats https://minutesof.com/q/7dbd3f8a-f998-4148-9e33-947ed3fcc5ad/ https://minutesof.com/q/7dbd3f8a-f998-4148-9e33-947ed3fcc5ad/ “And five years later, they weren't on Oracle or Sun. And some have argued it went from a development sandbox world to a optimization world.” — BG2 Pod Mon, 23 Dec 2024 20:12:56 +0000 ai moats https://minutesof.com/q/b5c60fc9-1d66-4358-a1e6-daaab9bc74ec/ https://minutesof.com/q/b5c60fc9-1d66-4358-a1e6-daaab9bc74ec/ “I could argue, especially since I'm old and I've seen these shifts that everyone's awake on this one, or it has, it's the most awake, like it's heavily choreographed.” — Bg2 Pod Thu, 12 Dec 2024 18:20:19 +0000 ai moats https://minutesof.com/q/03ecea7e-21cb-4d1e-8895-c6002871a50e/ https://minutesof.com/q/03ecea7e-21cb-4d1e-8895-c6002871a50e/ “Like, because they were promoting a thesis that it was just gonna keep going up” — BG2 Pod Thu, 21 Nov 2024 19:09:14 +0000 ai moats https://minutesof.com/q/4150c1eb-f5ad-4034-bb6a-14707e5b147a/ https://minutesof.com/q/4150c1eb-f5ad-4034-bb6a-14707e5b147a/ “it appears to me that NVIDIA's competitive advantage is strongest where the size of the system is largest, which is another way of saying what Renee said. It's flipping it on its head.” — BG2 Pod Sun, 13 Oct 2024 10:35:00 +0000 ai moats https://minutesof.com/q/3cd5de34-3e0c-4b75-adef-e5e5e2d29a6d/ https://minutesof.com/q/3cd5de34-3e0c-4b75-adef-e5e5e2d29a6d/ “That's when the networking piece thrives. That's where NVLink thrives. That's where CUDA really comes alive in the biggest systems that are out there.” — BG2 Pod Sun, 13 Oct 2024 10:35:00 +0000 ai moats https://minutesof.com/q/ef7835c6-2a48-4ab9-8b62-88211069735f/ https://minutesof.com/q/ef7835c6-2a48-4ab9-8b62-88211069735f/ “one of the most misunderstood things about NVIDIA is how deep the true NVIDIA moat is, right?” — BG2 Pod Sun, 13 Oct 2024 10:30:00 +0000 ai moats https://minutesof.com/q/99aeb509-4a3a-4028-8ea3-3139a56861f1/ https://minutesof.com/q/99aeb509-4a3a-4028-8ea3-3139a56861f1/ “I think analysts always focus on the current architectural bet. But I think one of the biggest takeaways from this conversation is that we're thinking about the entire ecosystem and many years out.” — BG2 Pod Sun, 13 Oct 2024 10:30:00 +0000 ai moats https://minutesof.com/q/d68282f0-fea3-45e1-95e2-7e89a81382d2/ https://minutesof.com/q/d68282f0-fea3-45e1-95e2-7e89a81382d2/ “Or for the SMR one by leveraging what's been done in the Navy, maybe getting these hyperscalers behind it. And maybe that's a mini version of a Manhattan project.” — BG2 Pod Mon, 09 Sep 2024 02:12:29 +0000 ai moats https://minutesof.com/q/8c0cf8d3-e9ed-4b6e-a347-e11f3ef7ce9e/ https://minutesof.com/q/8c0cf8d3-e9ed-4b6e-a347-e11f3ef7ce9e/ “This is one of the very first waves where the incumbents were eyes wide open at the beginning of the technology shift.” — BG2 Pod Fri, 09 Aug 2024 00:27:40 +0000 ai moats https://minutesof.com/q/d113f877-1953-4dfc-8201-c42774245901/ https://minutesof.com/q/d113f877-1953-4dfc-8201-c42774245901/ “And now you've got people, you know, trying to project income statements and balance sheets of these companies and they're speculating about whether they might need to raise again or not.” — BG2 Pod Fri, 09 Aug 2024 00:27:40 +0000 ai moats https://minutesof.com/q/1a3c7d28-5482-493f-b526-9c7b3c87b9ca/ https://minutesof.com/q/1a3c7d28-5482-493f-b526-9c7b3c87b9ca/ “If you're a closed model company, the question first is, okay, I'm going to have to compete and keep up with this frontier level competition. That's hard enough. It takes a lot of resources.” — BG2 Pod Thu, 25 Jul 2024 14:00:00 +0000 ai moats https://minutesof.com/q/857ffe78-4b2a-44ae-b0e8-bd75f85c4c8f/ https://minutesof.com/q/857ffe78-4b2a-44ae-b0e8-bd75f85c4c8f/ “Is LLM scaling exponential, linear, or will it diminish? And in addition to the MIT professor, I mean, there are a number of people that have been around these problems for a long time who that the LLM models will have diminishing return on spend.” — BG2 Pod Thu, 11 Jul 2024 20:24:05 +0000 ai moats https://minutesof.com/q/df8e3ee3-10a7-4b44-a6e3-779fbc28873c/ https://minutesof.com/q/df8e3ee3-10a7-4b44-a6e3-779fbc28873c/ “It's like 20x differential. And when I talk to our entrepreneurs that are using these models, they might design with the cutting edge model, but they all back off to the affordable models” — BG2 Pod Thu, 16 May 2024 19:31:21 +0000 ai moats https://minutesof.com/q/a7faf375-298c-4968-989e-fe2413fd4467/ https://minutesof.com/q/a7faf375-298c-4968-989e-fe2413fd4467/ “It's already evolved to a point that's very similar to where Uber, Lyft and DoorDash ended up, where there's just so much money moving around that I really don't even think about it as a startup market anymore.” — Invest Like the Best Tue, 23 Apr 2024 08:00:00 +0000 ai moats https://minutesof.com/q/b300a6e9-c493-458b-90b1-ccb2d675cb3f/ https://minutesof.com/q/b300a6e9-c493-458b-90b1-ccb2d675cb3f/ “If you wanted to be accurate, non consensus in a way around these, part of it ties into the big guys being interested in what they're doing with their own balance sheet to reinforce this, which I consider to be remarkably dangerous and unhealthy.” — Invest Like the Best Tue, 23 Apr 2024 08:00:00 +0000 ai moats https://minutesof.com/q/c3744cea-4801-46a1-bab6-6d2282aa5938/ https://minutesof.com/q/c3744cea-4801-46a1-bab6-6d2282aa5938/ “I do think that the initial versions of these models are structurally flawed around providing personal memory and allowing someone to become dependent on one of these things.” — Invest Like the Best Tue, 23 Apr 2024 08:00:00 +0000 ai moats https://minutesof.com/q/682c9fbf-482e-4076-926a-e1e64b4e24c5/ https://minutesof.com/q/682c9fbf-482e-4076-926a-e1e64b4e24c5/ “100,000,000 a year? 200,000,000 a year? There's no way that's high quality capital allocation from my point of view. There's no chance. But maybe they don't have the alternative.” — Invest Like the Best Tue, 23 Apr 2024 08:00:00 +0000 ai moats https://minutesof.com/q/29c66e90-0fe9-4d7b-b185-5d0e946452f8/ https://minutesof.com/q/29c66e90-0fe9-4d7b-b185-5d0e946452f8/ “I'm not sure that LLMs, like, if that's all you have going for you, I'm not sure that's going to be the winner.” — BG2 Pod Thu, 04 Apr 2024 17:20:29 +0000 ai moats https://minutesof.com/q/32ff09ac-bf6e-4424-a1f9-51cbc432646a/ https://minutesof.com/q/32ff09ac-bf6e-4424-a1f9-51cbc432646a/ “But if you're not on the frontier, man, it seems that these are gonna be really fast depreciating assets” — BG2 Pod Thu, 04 Apr 2024 17:20:29 +0000 ai moats https://minutesof.com/q/d4b98aac-1eff-4456-a957-ab2224e6fc2b/ https://minutesof.com/q/d4b98aac-1eff-4456-a957-ab2224e6fc2b/ “And the per promiscuity Mhmm. Is unbelievably high. Another way of saying that, one one of the things that leads to high valuation multiples is switching cost.” — BG2 Pod Thu, 21 Mar 2024 21:32:49 +0000 ai moats https://minutesof.com/q/66e81897-a081-4291-9aa7-7a2c6d0f576c/ https://minutesof.com/q/66e81897-a081-4291-9aa7-7a2c6d0f576c/ “And then Vinod started basically saying that literally, like, yes, we should block open source.” — BG2 Pod Thu, 07 Mar 2024 16:29:00 +0000 ai moats https://minutesof.com/q/87618e7f-cbf2-46df-b02f-219e98fe2a29/ https://minutesof.com/q/87618e7f-cbf2-46df-b02f-219e98fe2a29/ “If you talk to the people that are at the tops of these firms and you say, hey, why can't this thing remember everything I want? And they go, oh, that's a hard problem.” — BG2 Pod Thu, 22 Feb 2024 12:20:31 +0000 ai moats https://minutesof.com/q/35820014-6a20-4355-a535-0f39958be7b8/ https://minutesof.com/q/35820014-6a20-4355-a535-0f39958be7b8/ “I start relying on one of these things as my memory and I don't have a way to pull that out and jump to something else, I'm stuck. Yes. Like I am hooked, locked, stuck.” — BG2 Pod Thu, 22 Feb 2024 12:20:31 +0000 ai moats https://minutesof.com/q/88e2d70b-c44d-4ba4-ae3b-c9ef0fdb90b7/ https://minutesof.com/q/88e2d70b-c44d-4ba4-ae3b-c9ef0fdb90b7/ “And for me, it's been a sad reality that some of the larger LLM players have literally attacked open source directly and are telling regulators to try and disable it.” — Bg2 Pod Thu, 25 Jan 2024 16:05:50 +0000 ai moats https://minutesof.com/q/88381c07-a00f-4e1a-974f-30cf12e8f3ac/ https://minutesof.com/q/88381c07-a00f-4e1a-974f-30cf12e8f3ac/ “it's been a sad reality that some of the larger LLM players have literally attacked open source directly and are telling regulators to try and disable it.” — Bg2 Pod Thu, 25 Jan 2024 16:05:50 +0000 ai moats https://minutesof.com/q/9354b7cd-a74e-4029-b4fc-96fd9b14a07e/ https://minutesof.com/q/9354b7cd-a74e-4029-b4fc-96fd9b14a07e/ “And then a very smart, I was having a conversation with Melanie Mitchell from the Santa Fe Institute, who's a very smart AI specialist, and she thinks data may be what causes the asymptote.” — Bg2 Pod Thu, 25 Jan 2024 16:05:50 +0000 ai moats https://minutesof.com/q/7229045e-4ebd-4c99-ab12-e4521d7c749b/ https://minutesof.com/q/7229045e-4ebd-4c99-ab12-e4521d7c749b/ “This concept was done inside of Google as an open source concept, immediately copied by all the other players. So OpenAI doesn't exist today if that's patented and controlled.” — Bg2 Pod Thu, 25 Jan 2024 16:05:50 +0000 ai moats https://minutesof.com/q/b47e707a-e32b-4860-92f0-4c9a501a4ffd/ https://minutesof.com/q/b47e707a-e32b-4860-92f0-4c9a501a4ffd/ “OpenAI doesn't exist today if that's patented and controlled. It just doesn't, which is another irony around this open source argument because they've benefited massively from a major, but the idea of being shared, and this is also why I'm such a massive open source proponent because I think it's so relevant to prosperity for the masses.” — Bg2 Pod Thu, 25 Jan 2024 16:05:50 +0000 ai moats https://minutesof.com/q/ad0d3bce-2f21-4900-b434-e6e2355bebf4/ https://minutesof.com/q/ad0d3bce-2f21-4900-b434-e6e2355bebf4/ “In particular, it's quite notable that all of the loud voices are either executives at these companies and or large investors at these companies.” — This Week in Startups Tue, 10 Oct 2023 01:53:27 +0000 ai moats https://minutesof.com/q/bbddac03-fadc-4f95-8bdf-d3731f04576a/ https://minutesof.com/q/bbddac03-fadc-4f95-8bdf-d3731f04576a/ “What I'm hearing internally from our portfolio is this specifically the ilama too, Sunny sent me another one today, are really starting to gain market share amongst the startups that are using these tools.” — This Week in Startups Tue, 10 Oct 2023 01:53:27 +0000 ai moats https://minutesof.com/q/e00715d4-e5c3-427a-8328-fc53984e4d0f/ https://minutesof.com/q/e00715d4-e5c3-427a-8328-fc53984e4d0f/ “So yeah, you could call them early stage startups, but you could also I mean, who they've raised billions of dollars each, you know,” — This Week in Startups Tue, 10 Oct 2023 01:53:27 +0000 ai moats https://minutesof.com/q/6ee9d271-deed-4ec9-b3a5-8e4d89e0e946/ https://minutesof.com/q/6ee9d271-deed-4ec9-b3a5-8e4d89e0e946/ “The people that are leading the charge calling for the regulation and calling and some of them raising this question of whether open source should be allowed are the incumbents.” — This Week in Startups Tue, 10 Oct 2023 01:53:27 +0000 ai moats https://minutesof.com/q/b4be9683-755b-42a5-95e8-b6912d99cd6d/ https://minutesof.com/q/b4be9683-755b-42a5-95e8-b6912d99cd6d/ “So if you shut it down in a particular region, that region is gonna fail to innovate relative to the other regions that are out there.” — This Week in Startups Tue, 10 Oct 2023 01:53:27 +0000 ai moats https://minutesof.com/q/d5d7c03b-37ba-443e-be68-a0d5d23d3570/ https://minutesof.com/q/d5d7c03b-37ba-443e-be68-a0d5d23d3570/ “Yes. But I think there's an equally interesting counterpoint to that, that Solana might be cheaper than Ethereum, but then the son of Solana might make Solana equally uninteresting.” — Invest Like the Best Tue, 07 Dec 2021 09:00:00 +0000 ai moats https://minutesof.com/q/21ece15c-63ae-4065-8f85-9b0a20a6a8dd/ https://minutesof.com/q/21ece15c-63ae-4065-8f85-9b0a20a6a8dd/ “And that's why someone said to me the other day, if Solana eats ETH, then all of these tokens are worth far less than we imagined because there's just a race to the bottom.” — Invest Like the Best Tue, 07 Dec 2021 09:00:00 +0000 ai moats https://minutesof.com/q/34a66b21-08cd-4cb8-b5b6-80047409236f/ https://minutesof.com/q/34a66b21-08cd-4cb8-b5b6-80047409236f/ “I think over the past three or four years, mainly because of the power of Google and Facebook that a lot of people have come to tell themselves that consumers over.” — CNBC Television Wed, 12 May 2021 16:26:01 +0000 ai moats https://minutesof.com/q/598ea86e-f9de-4415-81e7-39e72f773907/ https://minutesof.com/q/598ea86e-f9de-4415-81e7-39e72f773907/ “Our head of algorithm says it's the ultimate recommendation engine because we don't even let you look at the choices. And that level of curation is something that's highly unique,” — Bloomberg Television Fri, 17 Nov 2017 19:47:21 +0000 ai moats https://minutesof.com/q/bb2f76dd-5ef0-47c1-bee6-293a75393251/ https://minutesof.com/q/bb2f76dd-5ef0-47c1-bee6-293a75393251/ “So you can put us up against anyone, Nordstrom's, Macy's, any of these players, and I am certain that we know 10 x more about our customers and even 10 x more about the merchandise.” — Bloomberg Television Fri, 17 Nov 2017 19:47:21 +0000 ai moats https://minutesof.com/q/cfdb898a-cf36-4f85-92f2-d3c406a2f12b/ https://minutesof.com/q/cfdb898a-cf36-4f85-92f2-d3c406a2f12b/ “In order to be successful and powerful in these types of areas, you need huge datasets, and you need them on both sides so that you can do the matching.” — CNBC Fri, 17 Nov 2017 18:49:28 +0000 ai moats https://minutesof.com/q/16e85fcf-a331-4263-aea7-3ae8d6480b98/ https://minutesof.com/q/16e85fcf-a331-4263-aea7-3ae8d6480b98/ “the nuances that are necessary to make these UGC communities work, there's a list of 10 or 15 things that you have to know how to do.” — TechCrunch Mon, 29 Apr 2013 15:27:35 +0000 ai moats https://minutesof.com/q/f071c0a2-70e5-4597-a726-4bdd0f651f08/ https://minutesof.com/q/f071c0a2-70e5-4597-a726-4bdd0f651f08/ “And it turns out the majority of people don't know how, including really large companies like Apple and Google because it's really hard and it requires a lot of hand holding and hand stitching and building in place a network effect where the atoms start to bounce into one another.” — TechCrunch Mon, 29 Apr 2013 15:27:35 +0000 ai moats