It's a gamble, stats, so what is the probability that moat can be protected to the tune of trillions of dollars of incremental enterprise value creation in the AI industry? Would you bet your retirement funds on it? Would you want the government to bail them out if a financial collapse occurs because of it? I think most reasonable people do not think it's worth the risk, and the more important part I highlighted is the fundamental economics of this industry were never worth the investment/risk. Clever capitalists will always find a way, which this accounting shell game is evidence of.