Step 5: Turn “safety” into a regulatory weapon. Licenses to train models, compute thresholds, government audits. Barriers that, by an extraordinary coincidence, only the incumbents can cross. The railroads did this. The banks did this. The telecoms did this. Regulation demanded by a market leader is never prudence. It’s a moat.
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Anthropic saw the problem before everyone else. Their response was elegant: if margins can’t be a moat, regulation will be. Position safety as a barrier to entry, get the rules of the game written. Smart bet in 2023. Dead bet in 2026: the political winds have shifted toward acceleration, in Washington and everywhere. A moat built on regulations is a moat that an election can fill in.