Leading AI labs have no ‘moat’ except access to capital, top tech analyst says 

• The only economic moat leading AI labs possess is virtually unlimited access to capital, according to Benedict Evans. The longtime tech analyst told the audience at Fortune's Brainstorm AI conference in London that foundational models like OpenAI's GPT or Gemini are becoming commodities.

Leading AI companies' only economic "moat" is access to massive amounts of capital, according to Benedict Evans, a long-time tech analyst.

Popularized by Warren Buffett, a company’s...