Everyone's asking where the moats are when AI tooling is everywhere. One answer is becoming clear: codified organisational knowledge that can be acted upon at machine speed.
What's happening to listed SaaS companies is exactly what happened to translation companies in 2021. Markets don't fear AI — they fear the collapse of their predictive frameworks.
Anthropic's Claude Cowork plugins wiped tens of billions off software valuations in days. This is what disruption looks like in 2026 — a cliff edge, visible in real time.
87.4% of European SMEs don't use AI. The barrier isn't complexity or cost — it's trust. The EU is investing €1B to solve the right problem.
The EU's €1B bet on specialised AI models isn't new policy — it's validation of what already works. General models are flexible. Specialised models are actually deployable.
The more powerful our language models become, the more they resemble learned ignorance. The real breakthrough is domain mastery, not universal knowledge.
Most AI demos work perfectly. Most AI systems fail at scale. The problem isn't the model — it's everything around it.
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