AI coding has made software cheap and fast to build. So what actually protects a business now? Sabba and Charlie go through every major moat and test it against AI: SEO, distribution, network effects, switching costs, brand, real-world relationships, regulation, hardware and proprietary data. Charlie’s hot take is that AI agents are quietly breaking network effects. Then they run through Hamilton Helmer’s 7 Powers and talk about which moats a startup can realistically build today. Along the way: Tally Forms, Higgsfield, OpenTable, Blockbuster vs Netflix, and a free cleaning service that films your home to train robots.

Timestamps:
00:00 Intro
00:28 Why AI broke the software moat
05:36 SEO and distribution
12:36 Network effects vs AI agents
21:50 Switching costs and brand
28:28 Real-world moats: relationships, regulation, hardware
37:00 Data and scarce resources
40:50 Hamilton Helmer’s 7 Powers
51:48 Which moats survive AI