Not long after ChatGPT came out, a leaked email from Google said what many were thinking but few dared say out loud: “We Have No Moat. And neither does OpenAI.” The May 2023 memo argued that companies would never pay for generative AI when there were open-source options out there – and those models were often better anyway. That same month, halfway across the world, an entrepreneur named Liang Wenfeng quietly founded DeepSeek in China. Suggested Reading The 7 best cities in America for