In software, strategic value emerges where the meaningful state accretes.

· Bits and Bobs 4/27/26
  • In software, strategic value emerges where the meaningful state accretes.
    • This is different in a world of hardware.
    • For example, the UX / app-defaults of Waymo is not the primary differentiator.
    • In the world of hardware, the "meaningful state" is the accumulated hardware.
    • A capital cost moat that makes it increasingly hard for competitors to come after.