Any business that solves a problem. The tech is always a commodity. The valuable parts are usually the data, the services offered, etc. and they have good distribution which makes their moat strong.
That has nothing to do with federation. A Gmail user can talk to an Outlook user. A Slack user cannot talk to a Teams user.
Email is only federated because it was used before it was commercialized. If companies could monopolize email they would. The solution here is government regulation requiring interconnection, like we got with phones and text messaging.
i've probably contributed to all these AI sloppers by giving them $10/20 bucks to get credits, to find out it doesn't work, so they can book it as "ARR" and raise $10M only to shut down some months later.
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