Anthropic's moat is the model. But the strategy deserves credit too.
Consumers pay $20-$200/mo for Claude.
Almost nobody touches the API heavy use of Fable 5 can run $100+/day. Competitors offer most of the value for less cost, not the same, but close enough. A few iterations and they'll be there.
The winning play: serve existing customers so well they never leave.
Retention is the real moat.


