Lens family
119 analysesMoat Anatomy ✕
Nobody Can Out-Build Nvidia. They're Trying to Out-Wait It Instead.
Nvidia
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
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
Hermès Beat LVMH by Making the Math Impossible. The Aggressor Still Walked Away €2.8 Billion Richer.
Hermes vs LVMH
Home Depot and Lowe's Sell the Same Drill. Only One of Them Still Sells It at Retail.
Home Depot vs Lowe's
AMD Is Catching Nvidia on Silicon. It's the Software It Can't Catch.
Nvidia vs AMD
Visa vs Mastercard Isn't a Rivalry. It's a Tollbooth With Two Lanes.
Visa vs Mastercard
Apple's Chip Lead Lasted Two Weeks. Its Real Moat Compounds Forever.
Apple
Nike Doesn't Own a Single Factory. So What Actually Protects It?
Nike
Steal the Coca-Cola Formula Tomorrow. You Still Couldn't Build Coca-Cola.
Coca-Cola
Cisco's Moat Is Real. It Just Doesn't Defend the Land Worth Fighting Over.
Cisco
Snowflake's Moat Is Real. It's Also Quietly Draining, One Quarter at a Time.
Snowflake
Palantir's Real Moat Isn't the Software. It's the Court Order.
Palantir
Coinbase's Moat Isn't Network Effects. It's a License Stack and a Vault Nobody Else Got Built.
Coinbase
Chick-fil-A's Real Moat Isn't the Chicken. It's the Title Deed.
Chick-fil-A
Toyota's Moat Isn't the Factory. It's Three Walls — and Each One Has a Crack.
Toyota
Ferrari's Moat Isn't Scarcity. It's Four Engines Spinning Each Other.
Ferrari
Everyone Says Amex's Moat Is the Closed Loop. The Closed Loop Just Got Cloned.
American Express
Everyone Thinks Lilly Is Protected by a Patent. The Patent Is the Weakest Wall It Has.
Eli Lilly
UnitedHealth's Moat Was Never the Insurance. It Was the Right to Steer.
UnitedHealth
Intuitive Surgical's Moat Isn't the Patents. It's Three Walls Stacked on Each Other.
Intuitive Surgical
Shake Shack Didn't Earn Its Halo. It Was Pre-Loaded With One.
Shake Shack