What Did Jack Dorsey Mean by “There Is No Moat”? Elon Musk and Michael Saylor Weigh In

Block CEO Jack Dorsey posted there is no moat on X and drew more than 3.5 million views. The phrase echoes a leaked 2023 Google memo, which warned that open-source AI would erode the lead of Google and OpenAI. The term comes from investor Warren Buffett, who uses moat for a lasting edge that shields a company from rivals. Strategy executive chairman Michael Saylor and Tesla CEO Elon Musk both responded, yet each pointed to a very different kind of protection. Why Did Jack Dorsey Say There Is No Moat? Dorsey did not tie the post to any product. However, it came shortly after he introduced Dessa, a voice AI model from a small research lab inside Block. there is no moat jack October 24, 2026 The team says it trained Dessa only on human conversation, with no text and no pretrained models. According to Block, a single Nvidia GB200 NVL72 rack was enough. Dorsey called the model small enough to run on a MacBook. Block has given a small group of AI safety researchers early access before any wider release. One user linked the no moat post to that launch. In their view, a payments company now builds AI that rivals the largest labs, so no lead lasts for long. Jack Dorsey has made a similar case before. In February, he cut about 40% of Blocks staff and argued that AI tools and smaller teams enable a new way of working. Is Bitcoin the Last Moat, or Is Strength Enough? Saylor argued that Bitcoin itself is the moat Jack Dorsey says no longer exists. His reply fits a long-running pitch, as Strategy holds the largest corporate Bitcoin treasury. He has long called Bitcoin a shield for capital against inflation and weakening currencies. bitcoin is the moat October 25, 2026 Earlier in October, Saylor said AI spending weighed on Bitcoin, alongside trade policy and rising yields. Musk took a different line and pointed to ancient Sparta, a Greek city that relied on its soldiers instead of walls. Musk has praised Bitcoins resilience before. He once said the network has no throat to choke. Jack Dorsey himself has backed Bitcoin for years. In April, Block ran a $1 million Bitcoin giveaway through Cash App. The debate shows how the AI race now reaches crypto. If software gets cheaper to copy, Saylor is betting that Bitcoins network size and fixed supply become the edge that lasts.