Gary Marcus: 'No moat' prediction holds as intelligence becomes a commodity
GaryMarcus · x · 2026-09-20
Gary Marcus amplifies a viral thesis: model usage is exploding, models keep improving, inference keeps getting cheaper—yet the stock sits 74% below its 52-week high. That's what happens when intelligence becomes abundant. The argument: the model isn't the moat; the moat moves to the layer deciding what gets trusted, selected, reused and executed, and no company has built a durable advantage, with Chinese investors grasping this faster. Marcus notes this matches his August 2023 'no moat' prediction and warns hype in the US may prove costly.
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