Software is eating labor & moats still matter: AI can do cheaply what has never been worth a person's time. Whole verticals have opened up, and unlike in previous product cycles, AI can actually complete work end-to-end. a16z GPs David Haber, Alex Rampell, and Erik Torenberg sat down for a conversation on how AI changed software and what fundamentals still hold true. They cover why moats still matter, the "greenfield strategies" that AI makes possible, the difference between differentiation & defensibility, why context is king, and more. 0:00 Intro 1:12 Why moats still matter 8:48 Why you won't vibecode Microsoft 10:09 The Goldilocks zone of pricing 11:21 Greenfield strategies 16:22 Steel man: Brand and velocity as moats 17:44 "Context is king" 19:58 Feature vs. product vs. company 27:05 Platform risk: Will they compete or tax you? 35:26 Will AI consolidate to winner-take-most? 39:16 Why Dropbox survived 44:06 Why AI is different: It's consensus 48:18 Jobs won't disappear – $1 tasks will explode @dhaber @arampell @eriktorenberg(a16z)