Andreessen Horowitz is of course more focused on things like business value, but their discussions of the emerging AI stack (illustrated), and what that might look like as a marketplace, is insightful. "The key thing to understand is which parts of the stack are truly differentiated and defensible," write the authors. "This will have a major impact on market structure (i.e. horizontal vs. vertical company development) and the drivers of long-term value (e.g. margins and retention). So far, we've had a hard time finding structural defensibility anywhere in the stack, outside of traditional moats for incumbents."
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