The frontier model business, which attracted billions in capital on the premise that raw intelligence would be the moat, is facing a structural credibility problem.
—
Josipa Majic Predin,
Forbes.com,
2 July 2026
Now that the fairy tale ended a long time ago, their incredible businesses, tremendous leadership, and franchises — moats — keep them a big part of the S & P 500 and the biggest part of tech, which is the biggest part of everything.
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