The moats are still shallow but the stakes are much higher
11 Aug 26
THE Campus ran my follow-up to the 2025 shallow-moats piece: eighteen months on, the frontier lead is still bounded at three to six months, but the valuations and capital expenditure riding on it have grown enormously. There’s a longer version of the argument in the post I wrote here in July.
Read it at Times Higher Education.
Cite this post
@online{swift2026theMoatsAreStillShallowButTheStakesAreMuchHigher,
author = {Ben Swift},
title = {The moats are still shallow but the stakes are much higher},
url = {https://benswift.me/blog/2026/08/11/the-moats-are-still-shallow-but-the-stakes-are-much-higher/},
year = {2026},
month = {08},
note = {AT-URI: at://did:plc:tevykrhi4kibtsipzci76d76/site.standard.document/2026-08-11-the-moats-are-still-shallow-but-the-stakes-are-much-higher},
}