Part 2/10:
In the realm of AI, the term "no moat" refers to the lack of significant barriers preventing competitors from entering the market. Traditional forms of protection like intellectual property seem ineffective in deterring rivals. Although capital investment is necessary to support data centers and computing resources, many companies, particularly those in China, have been able to duplicate OpenAI's achievements at lower costs. This phenomenon echoes historical patterns, such as the Soviet Union attempting to replicate American technological advancements on a limited budget.