The Second Wave of the API-first Economy

LLMs are making APIs commercially legible again, which I love.

But they also narrow differentiation. If the agent is the interface, your moat starts to look smaller and smaller. I'd expect companies to love this right up until they realize they’ve made themselves interchangeable. They're doing it now purely to stay relevant.

And by nature LLMs aren’t highly sticky either - so it’s weak moats all the way down.