Anish Acharya

They want to spend time.

And the products are designed by the most high-agency people in the world.

Sam and Elon are the most high-agency people in the world.

For them, the optimal UI is a chat box where you say exactly what you want and like, voila, there it is.

But for many people, they're again looking to waste time, spend time.

They want a browse-based interface.

They're not quite sure what they want.

They can't always articulate it.

So I think that in a world where we have intent-based and browse-based, browse-based largely stays the same.

And perhaps the future of intent-based is chat.

I'm still a little skeptical.

I think defensibility still exists and still matters.

Networks are the gold standard, and they still are.

A network effect product is incredibly powerful.

Now, look, you might argue that something like MoldBook is a new type of synthetic network that perhaps means there are certain types of networks that are less defensible than they once were.

But something like an Airbnb, you can have all the vibe coding in the world.

Their network effect is incredibly powerful.

So one, I think defensibility matters.

Traditional moats still do matter.

I do think that within moats like systems of record, there will be some who are more or less prone to disruption.