tl;dr: There’s more to the story than “distribution is the last moat”. It’s clear that the price/difficultly of creating software is going down while intelligence is increasing. I don’t yet think people have internalized the cascading effects of this on the way software companies monetize, and how that is affected by the speed of increasing intelligence. I think there are generally three types of software companies: B2B SaaS companies that sell to other software companies (tech-focu...
