"the naive approach to moats focuses on the cost of switching; in fact, however, the more important correlation to the strength of a moat is the number of unique purchasers/users."
I think customer diversity correlates instead with resilience.
> More than anything, though, I believe in the market power and defensibility of 800 million users, which is why I think ChatGPT still has a meaningful moat.
It's 800M weekly active users according to ChatGPT. I keep hearing that once you segment paid and unpaid, daily ChatGPT users fall off dramatically (<10% for paid and far less for unpaid).
Customer diversity says nothing about current or future resilience.