AI CAN COPY ANY BUSINESS — IT STILL CAN’T MAKE MORE BITCOIN

Marty Bent’s argument lands where every valuation model is quietly breaking: the terminal value. Most of a stock’s worth in a standard model is not the next five years of cash flow — it is the assumption that the business is still standing, moat intact, decades from now. AI attacks exactly that assumption. When software can copy a workflow, a product, or a whole service business in months, every moat gets shorter, and the far-future cash flows investors were counting on get harder to trust. The week’s tape makes it concrete: SoftBank is stacking a fourth layer of debt to keep its AI bet funded while the same AI wave shortens the moats of the companies that are supposed to pay for it all. The Capitalist read: this is a repricing of durability itself. The one asset in the book with no issuer, no product roadmap, no margin to compress, and no management to out-innovate is the one whose terminal value AI cannot touch — twenty-one million units, schedule fixed, moat written in consensus rather than code any competitor can copy. Scarcity without disruption risk is a new asset class of exactly one. The fiduciary question is no longer whether that belongs in the portfolio. It is what size.