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Jul 15, 2026
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7 min read
Product moats have a shelf life measured in quarters. Technology moats decay in weeks. Data moats aren't real if the data doesn't compound. What survives in an AI-native market is the one thing money and models can't parallelise - the distribution you spent years earning. Here's what US investors are actually underwriting now, and why the European founder gap on this is bigger than most people realise.

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