Well that’s the thing with moats - they don’t just disappear one day.
A moat doesn't have to be a feature, and equity stakes have been fairly successful moats (eg. Much of AWS's ML services being powered by Anthropic models due to their equity stake in Anthropic).
I don't need some stuck up HNer telling me about stuff I deal with in my day-to-day job.
Edit: can't reply
> a business deal that can be transferred to a new partner the second it expires is much more temporary
Generally, these kinds of equity deals include an MFN clause.
Then I guess we need a new term because that's not how I interpret the term moat either. To me, ChatGPT chat history is a moat. It allows them to differentiate their product and competitors cannot copy it. If someone switches to a new AI service they will have to build their chat history from scratch.
By comparison a business deal that can be transferred to a new partner the second it expires is much more temporary.
Every service has a chat history. You are talking about stickiness, which is (roughly) the same for every product.
ChatGPT wins a bit with stickiness because their AI personalizes itself to you over time, in a way that others don't quite do.
A moat is something unique. It can't really be a moat if all services offer it.