Chip manufacturing is insanely hard, it requires know-how, that's the moat. It's not money, otherwise the EU and China would have leading edge fabs.

Machine learning has no real moat. There's no network effect, it's not hard (you can just throw money at the problem). It's not data, because we have an existence proof that general intelligence can be trained by a few humans and a shelf full of books. The compute to do it is generally available. As soon as one organization releases open weights, everyone can use it immediately, even on modest local hardware.