Just consider what it fundamentally is: a company at the leading edge of a product category that has found absurdly strong technology/use-case fit, and is growing insanely fast.
Looking for a moat in the technology is always a bit of a trap - it’s in the traction, the brand awareness, the user data etc.
Looking for a moat in the technology is always a bit of a trap - it’s in the traction, the brand awareness, the user data etc.