Josh Elman: AI consumer apps' moats are still network effects, not models
illscience · x · 2026-09-08
Investor Josh Elman argues AI consumer apps are repeating an old lesson: new agents like Instinct, Bot, and Tomo deliver stunning experiences, but nearly all are single-player.
- Single-player products tie value entirely to underlying model performance;
- If a rival ships a better travel-booking or life-admin agent, users switch overnight with near-zero friction;
- Real moats remain the same as ever: network effects, marketplaces, and platforms.
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