The money is real — and selective

Private-market funding is increasingly concentrated in fewer, larger transactions. AI infrastructure, data centres, deep technology and businesses with visible commercial traction are receiving serious attention. At the same time, investors are more sceptical of products that amount to a thin layer over another company’s model.
This does not mean every successful AI company must build a foundation model. It means the business must own something that is difficult to replicate: data, workflow, distribution, domain knowledge, regulatory position, customer integration or execution at scale.

Enterprise buyers are asking the same question

The investor’s question and the enterprise buyer’s question are converging: why will this remain valuable when the underlying models become cheaper, faster and more capable?
A strong answer may be proprietary data accumulated through use, deep integration into a mission-critical workflow, measurable outcomes, a compliance layer, or distribution that cannot be purchased quickly. “We use AI” is not a moat. In many categories it is already a minimum expectation.

IT services face the mirror image

Routine technology work is being repriced because customers assume AI will reduce effort. Whether that assumption is fully correct is less important than the fact that it now shapes procurement.
Services firms protecting margins are moving away from selling headcount and toward selling outcomes, domain expertise, intellectual property, managed platforms and responsibility for a business metric.

QUESTIONS WORTH ASKING
• What part of our value survives if the underlying model improves dramatically?
• Which proprietary data or workflow advantage grows every time a customer uses the product?
• Are we selling technology activity or a measurable business outcome?
• Could a well-funded competitor reproduce the product and distribution within 18 months?

DANTAYA’S VIEW
The next phase of AI will reward companies that are commercially durable, not merely technically current. Founders should build the moat and the revenue engine at the same time — before fundraising or enterprise procurement exposes the gap.