Google's "We Have No Moat" Memo - Or Do They?

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It goes beyond the title with direct discussion of moat, rather, cake, including: That's time you'll never get back.

1. 01Picture this, medieval times, a grand castle, and around it a big ditch full of water, sometimes with a crocodile or two for dramatic effect, designed to keep invaders out
2. 02For a good while, companies building these clever AI models thought their moat was the technology itself
3. 03Ooh, look at our brilliant model