Deepgram's moat is too shallow to withstand competition from tech giants. Jasper, as a 'shell company' of ChatGPT, completely relied on open-source models and collapsed overnight. Domestic AI companies should build vertical models to mine data in niche areas and establish moats. To achieve product-market fit and address real needs, companies cannot just blindly follow trends with 'shell models'. In the long run, the integration of data and models will be the core competitive advantage.