[cvince]

I think your insight is spot on. We're already starting to see the shift towards "hard/deep tech". My observation is that investors are scrambling away from pure software plays and LLM wrappers, and more towards foundational tech or infrastructure.

IMO that's still "tech moat" thinking. The real moat nowadays is GTM traction, and "creativity/taste". All software can be copied, but the creation of new concepts/solutions and trends, is still uniquely something that requires a deep understanding of the "WHYs" and "HOWs" as I've described in my writing.