AI Shortens Moats, Infrastructure Wins

Agentic AI lowers the cost of launching software businesses while making competitive advantages fade faster, so long‑duration value shifts from repeatable software franchises to irreproducible physical assets (data centers, energy, specialized factories) and regulatory positions. Equity therefore becomes exposure to speed and optionality (like call options) rather than ownership of steady, slow‑moving franchises. — This reframes where policy and investment attention should go — from policing digital gatekeepers to managing industrial bottlenecks, grid capacity, permitting, and strategic materials that now anchor durable advantage.