Lens family
178 analyses · Moat & Competition
Uber Didn't Beat the Medallion. It Walked Through a Door That Was Already Open.
Uber
Amex's Moat Isn't Rich Customers. It's a Legal Shield and a Closed Loop.
American Express
Mastercard's Moat Wasn't Built by Network Effects. It Was Built by Rules.
Mastercard
Visa's Real Moat Isn't Technology. It's a 1970 Ownership Trick Nobody Can Copy.
Visa
Coinbase's Moat Isn't Crypto. It's a Filing Cabinet of Licenses That a New Administration Can Reopen.
Coinbase
Lilly's Real Moat Isn't the Molecule. It's the Concrete It Poured Before Anyone Said Yes.
Eli Lilly
Moderna Has a Platform and a Boom. Only One of Them Is Still Generating Revenue.
Moderna
Novo Nordisk Built a 100-Year Moat. Its Newest Wing Sits on One Molecule.
Novo Nordisk
Macy's Built a Smaller Store to Escape the Mall. It's Too Small to Save the Company.
Macy's
Nordstrom's Discount Basement Quietly Became the Whole Building
Nordstrom
Kirkland Signature Isn't a Store Brand. It's a Threat Costco Makes to Every Supplier.
Costco
AMD Didn't Invent the Chiplet. It Invented the Six-Year Head Start.
AMD
ASML Won the Lithography War by Making Its Rivals Co-Own the Only Road Forward
ASML
Nobody Can Out-Build Nvidia. They're Trying to Out-Wait It Instead.
Nvidia
Android Won 72% of the World. Google Still Writes Apple a $20 Billion Check.
Alphabet (Google)
Palantir's Moat Isn't the Software. It's That Leaving Means Leaving Your Own Data Behind.
Palantir
Snowflake Built a Moat Out of Data Gravity. Its Own Numbers Show the Water Receding.
Snowflake
eBay Isn't Stuck in the Middle. It's Walking Out of It - and Carrying One Big Risk.
eBay
EA Walked Away From the FIFA Name. It Kept Everything That Mattered.
Electronic Arts
Unity Won the Game Count and Lost the Money. That's Not a Duopoly.
Unity
Roku's Whole Moat Was Standing in the Middle. Then a Content Owner Bought the Middle.
Roku
Sony Built the Tightest Lock-In in Gaming. Then It Got Scared of Its Own Open Door.
Sony
Cisco Trained the People Who Buy Its Gear. The AI Data Center Never Took the Course.
Cisco
Meta's Moat Isn't the Network. It's the Decade You Can't Take With You.
Meta
Adobe Paid $1 Billion to Walk Away. The Fee Was Cheaper Than the Truth It Bought.
Adobe
Microsoft's Real Monopoly Was Never the One the Government Sued. It Was a Loop Nobody Drew on Purpose.
Microsoft
Microsoft Won the Browser War So Completely the Government Couldn't Save the Loser.
Microsoft
Salesforce's Real Moat Isn't the CRM. It's the 3,668 Developers Who Can't Afford to Leave.
Salesforce
Salesforce's Real Moat Isn't the 10,000 Apps. It's the Data You Can't Take With You.
Salesforce
Hermès Beat LVMH by Making the Math Impossible. The Aggressor Still Walked Away €2.8 Billion Richer.
Hermes vs LVMH