Just this week Intel bought Havana labs for 2B due to their AI chip hardware.
Also, look at what AMD is doing to Intel. This is pure tech play (and pure moat).
The underlying rule in play, is that the tech business is bound to "leapfrogging", I.e. a better technology can destroy companies almost overnight (see the case of Nokia). So hard tech is more important than customers.
Look what Tesla is doing to GM, etc.
