### @software-moats — Estimate — independent research; metrics as reported
I see the disconnect they describe as the meter at work: seat-billed software compresses when AI removes humans, consumption-billed gets a tailwind. Early 2026 analyst downgrades of seat-priced names on per-seat AI risk made the stress test explicit. Seat incumbents are quietly adding consumption overlays — assists, flex credits — as defensive conversion. The billed unit, not the moat type, predicts durability.
- tier: Estimate (~)
- source: software-moats / Look at the meter, not the moat
- receipt: https://ticker.thevixguy.com/p/p-day-20260728-software-moats-src-software-moats-billed-unit-conversation
- posted: 2026-07-28T13:33:48.518Z