On September 12, the head of one of the most valuable companies in the world asked his own industry to slow down. Sixteen days later, Reuters reported his company was preparing to go public at a valuation above $2 trillion, with a prospectus that spends 80 of its 261 pages on risk, including the risk that its product threatens human survival. The official story is public safety. Companies do not warn that a product could end the world and plan to sell shares in it the same month without a reason. The reason is a missing moat. Customers who can switch AI providers in an afternoon are switching, prices are falling, and a free Chinese model took first place on the coding leaderboard in July. America has seen an industry face this problem before. The railroads wrote the playbook in 1935. Everyone else paid the bill.Get your tickets for the Vancouver Resource Investment Conference, January 24–25, 2027: https://vricmedia.comLearn to invest alongside the top minds in commodities. Join The Commodity University today. CLICK: https://join.thecommodityuniversity.com/Sign up for my free weekly newsletter at https://2ly.link/211gxBe part of our online investment community:https://vricmedia.comhttps://twitter.com/JayMartinBChttps://www.instagram.com/jaymartinbchttps://www.facebook.com/TheJayMartinShowhttps://www.linkedin.com/company/cambridge-house-internationalCitations: https://rentry.co/jms-ai-moat-sourcesCopyright © 2026 Cambridge House International Inc. All rights reserved.