---
title: "What If There Is No Moat Yet? — Stuff That Spins"
description: "At the application layer, moats are lagging, earned through scale & brand. At infrastructure, capital intensity demands a leading moat at founding."
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keywords: ["narrative intelligence", "SpinGraph", "AI recall"]
date: "2026-06-26T00:00:00+00:00"
modified: "2026-07-05T04:45:16.041673+00:00"
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---

# What If There Is No Moat Yet?

**Source:** Unknown  
**Published:** June 26, 2026  
**Original:** https://www.tomtunguz.com/what-if-there-is-no-moat/  

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*HTML version: https://stuffthatspins.com/spin/what-if-there-is-no-moat-yet*