agents dramatically alter even the conceptual notion of moats. i.e. ui, workflow design, habit, & even brand all drastically lose leverage. the durable layer in the optimistic case becomes data, permissions, proprietary capabilities, distribution, & whatever api surface the agent can’t cheaply repro (which is not a lot). almost all of software can now be recomposed with or without the permission of the actual software owners. that was never ever the case before.