Imagine an insurance company testing two AI assistants. Both understand customer questions, respond naturally and perform well in demonstrations. Six months later, one handles policy renewals inside the insurer's systems, follows approval rules and escalates exceptions to employees. The other remains a tool people occasionally open. A better model could arrive tomorrow, but replacing the first assistant would require changing how the company operates. That is where I believe an important AI moat is developing: inside customer workflows. Schneider Electric's agreement to acquire PTC for approximately $22.6 billion in equity value gives it software used to design, manufacture and service physical products, placing it inside customer decisions throughout a product's lifecycle. My reading is that these transactions highlight the strategic value of owning the environment in which AI performs useful work. Companies already embedded in complex industries bring customer relationships,...
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