Very, very good essay. I'd like to add one thing to the argument. It used to be the case that your software itself could be a sound moat; that's no longer the case except toward the high end, where vibecoding fails due to complexity. Now, sound moats are e.g. your data, your regulatory advantages, your established customer base, etc., and software is increasingly just a fungible component -- increasingly like, say, accounting: a back-office task to tick off.