A structured framework by Barron Qasem analyzing Revenue, Moat & Execution
Markets frequently reward companies purely for narrative alignment. Look for actual recurring contract expansions tied to AI capability, not mere feature mentions on earnings calls.
A slightly better prompt, wrapper, or UI edge will evaporate when larger competitors release native capabilities. A true moat requires proprietary data workflows or deep capital infrastructure.
Infrastructure companies tie to broad industry adoption; application companies face the highest copycat threat. Even a brilliant AI thesis fails without disciplined cash management and product delivery.