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Thats not what a moat means in business. It doesn’t mean impregnable, it just means expensive or difficult to cross.

It is absolutely a moat if only $1T companies can afford the capex to compete.



non-zero already existing companies can afford to compete, so its not a great preliminary line of defense against your main enemies.

If the existing competition's turn around time to out-benchmark you is in the order of weeks, its an absolutely terrible moat.




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