The moats are still shallow but the stakes are much higher

Ben Swift

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

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  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},
}