Starting to bet on the specific logic of traditional software companies transforming through SaaS+AI. Anthropic's moat isn't as deep as people think. Only workflows that are directly integrated have a moat. To succeed, you need to build a comprehensive set of tools like Google, while ensuring compatibility with existing systems. In this area, Microsoft can also leverage its late-mover advantage, and the same applies to other software companies. Currently, workflows in the software industry can be invaded but cannot be replaced.