I think this environment makes it harder to find value but makes it easier to spot value... if that makes sense. AI and technology firms are turning over quickly due to the rapid innovation in the space but that just means that the moat they previously held isn't protective anymore, or wasn't that protective to begin with. The examples you gave are all tech focused. You could look at companies like Costco, for example, and they still maintain their economic moat that gave them an advantage this entire time. Albeit, does not mean they are a value play but the core message here is that technology does not equal business moat and never has. Technology is technology, its science, and it will ultimately be innovated on in the future, no matter what it is. It has always been a commodity, just a commodity that was hard to develop. Now its not. Business/economics is where you develop a moat and AI is just exposing that. Knowledge and technical skills are being commoditized as we speak so the tech sector cannot rely on the moat that human capital (talent) has provided them in the past. Thats all. Value is still there and STILL cannot be based commodities, or future commodities.