Even before LLMs, ML folks were already aware that you can use a model to teach another model. I doubt this is something AI companies put at the top of their investor materials, but it's been nice to see it play out.

That said, there are other moat factors like, a US company needing to use a US AI provider, sticky customers due to corporate onboarding friction, and others. Not nothing, but not as large a moat as some imagined.