Compute is the real moat
Unit economics of software reduce to a premium on compute—and the efficiencies thereof.
Software features race to free. What compounds is how much useful work you extract per unit of compute—and whether you can acquire, place, and operate that compute better than peers.
Moats that ignore unit economics are storytelling. Efficiency of inference, data movement, storage, and orchestration shows up in margin and in price power.
Everything else is a race to the bottom unless it improves the compute equation.
