[LittleTimothy]

I don't think you're analyzing this right. The web browser itself has no defensible moat. The reason that Chrome is winning is because Google has a massive money printer in the basement run by 3 guys and a hungry Alsatian (trained to bite anyone who messes with the money printer), and then 100,000 smart engineers desperately trying to find some application to throw that money at.

The result is Chrome, Google invests in it because they don't want to be intermediation between them and eyeballs - it's a strategic play, not necessarily a direct money maker. So that's why they do it. But there is no moat, they have the number 1 browser because they spend enormous sums of money hiring top engineers to build the number 1 browser.

And this has been true of the browser for a long time, Internet Explorer won because they forced people to use it and used a tonne of anti-competitive practices to screw the competition. Firefox still managed to disrupt that simply by building a better product. This is the clear evidence there is no moat - the castle has been stormed repeatedly.