> They may not have a "moat," but they're still the only player in town when quality is critical

Their initial moat was built with ChatGPT, which was launched less than a year ago and was surpassed by competitors in less than 6 months. Their current GPT4 is less than 6 months old. While your statement may be true for now, I don’t expect it will hold longer term. They have name recognition advantage, but so did AOL.