Which business moats will still matter in the age of AI? | Fortune

AI is beginning to erode traditional business moats, with Michael Joseph, portfolio manager and deputy CIO at Meristead Wealth, arguing that durable competitive advantages will increasingly hinge on proprietary data, distribution and switching costs rather than static brand strength. The commentary arrives as investors reassess which franchises can withstand AI-driven disruption, a shift with direct implications for valuation multiples across sectors. Meristead held positions in Planet Fitness, Meta Platforms and Amazon as of June 30, 2026, companies cited in the analysis. The piece does not disclose specific price moves or earnings figures, framing the debate qualitatively rather than quantitatively. What to watch next is how companies convert AI adoption into defensible margins and customer retention, and whether markets begin repricing moats accordingly.