Platform Moats and Network Effects in the AI Era

John on the the SaaSpocalypse: "There truly are platforms where, yes, you could vibe code it, but the value in the asset is the liquidity on that platform. You can vibe code an Airbnb marketplace competitor, but if there are no houses on there, and they're all AI-generated, you don't actually compete with Airbnb." "In many ways, it's just a return to form: where are the true moats? Intellectual property, network effects, scale economies, regulatory." "There will be some software companies where you find out that it's like Duolingo, where it's actually a game and people love the brand. That's been much more resilient relative to Chegg, which was basically just data that was scraped and put into ChatGPT, and the stock's down 90%."