E435: Why Most Companies Aren’t Ready for AI

Classic SaaS moats (switching costs, data) are failing in AI; network effects, counter-positioning, and capital efficiency now drive defensible value and returns.

• 550 companies mapped: Mighty Capital plotted firms by capital raised vs. defensibility; only OpenAI and Anthropic sit on the expected "raise more, get more defensible" diagonal.
• Old moats are dying: Switching costs and data moats (classic SaaS advantages) no longer protect value in AI; network effects and counter-positioning now do.

Themes, sentiment and reasons are AI-written paraphrases, checked so they never quote an episode. They may contain errors. Not investment advice. Episodes remain the property of their creators.