Moats AI is wearing down
- Information gaps−99%new questions a month on Stack Overflow, Nov 2022 to Oct 2026
- A lead in software alone3.3%how far the best closed AI model led the best open one, March 2026
- Producing content−51%Chegg subscribers, mid-2022 to mid-2025
Information gaps, a lead in software alone, the ability to produce content: AI wears all three down
Why it matters
When AI gives the answer away, nobody pays for it. Prosus paid about $1.8 billion for Stack Overflow in 2021; three years later it cited AI tools and booked $374 million of write-downs, mostly on Stack Overflow.