> it seems the tech behind electricity has no moat
Sure it does. You have to run a separate set of wires to each house to compete at the retail level. There have been regions which had two competing phone systems in the past, and there are areas which have two competing fiber systems now. But that's rare.
I wonder though... it seems the tech behind electricity has no moat, broadly speaking, and so was commoditized. Whereas if one of the AI companies finds a proprietary breakthrough algorithm that won't be the case... at least until others catch up.