> There's no evidence of a technological moat or a competitive advantage in any of these companies.
I disagree based on personal experience. OpenAI is a step above in usefulness. Codex and GPT 5.2 Pro have no peers right now. I'm happy to pay them $200/month.I don't use my Google Pro subscription much. Gemini 3.0 Pro spends 1/10th of the time thinking compared to GPT 5.2 Thinking and outputs a worse answer or ignores my prompt. Similar story with Deepseek.
The public benchmarks tell a different story which is where I believe the sentiment online comes from, but I am going to trust my experience, because my experience can't be benchmaxxed.