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I think we agree? What moat? You answered yourself: "capital intensive" But, history says the supercomputer of today will fit in your pocket in a few years. They've bought up all the RAM and GPUs, which pushes the capital requirements upward for everyone else. But, they can't corner the market forever, there are too many competing interests. AMD and Intel keep making new GPUs and APUs. The memory makers can't just se…
> But, history says the supercomputer of today will fit in your pocket in a few years. I don't think this will be true in the same time span anymore. Each miniaturization is costing more and more money. Perhaps they'll come up with exotic fundamental improvements, but I don't think the rate of improvement of compute/watt will match the previous decades.
That said, I recently replaced my five year old self-built PC (with a top-of-the-line desktop CPU, chipset, memory, and GPU of the time) with a new everything-the-best build, and while it's clear we're not keeping up with Moore's Law anymore, it's still 4-5 times faster for compute-intensive stuff, especially parallelizable tasks. We're still getting faster/cheaper. So, the time scale is maybe ten years rather than five.