if i had to rank various businesses by moat: 10/10: msft (mission critical saas) aapl (brand + dev eco) visa/ma (payment network effect) tsm (ip + physical infra) 9/10: goog (search and ai ip) amzn (ecommerce network effect + logistics physical infra) moodys, s&p, fico (regulatory + brand + ratings network effect) 8/10: meta (social network effect) nvda (ip + cuda network effect) 5/10: the best crypto businesses 3/10: blockchains (narrow/no moat isn’t necessarily a bad thing, but u have to believe that the team can constantly out-innovate competitors).

tsla is a 7/10 insane automation ip but cars r a commodity business and it’s possible humanoids will be similar

asml 10/10 similar to tsm