[nailer]

> Perplexity is increasingly looking like what Silicon Valley dreads most a wrapper.

That is only uneducated people. The ‘wrapper’ is the product people pay for. The ‘wrapper’ gets all the revenue.

[xnx]

Wrappers are simple to copy, no moat.

[nailer]

The moat is the relationships and recurring payments are to the company that has the actual customers. Microsoft has the resources to fight Cursor, but they can't.