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Compare moats

Up to three covered companies, band by band. Every call is a curated editorial judgment, never a disclosed figure — and every band carries its cited basis.

comparing Alphabet×KLA Corporation×Western Digital× maximum of 3 — remove one to swap
Alphabet GOOGL ai moat: latest change 2026-02-04 KLA Corporation KLAC ai moat: latest change 2026-08-06 Western Digital WDC ai moat: latest change 2026-08-14
Moat rating wide

Google Search commands ~91% of worldwide search (StatCounter, Jun 2026) and Alphabet sustained a 32% consolidated operating margin on $402.8B of FY2025 revenue (FY2025 10-K), evidence of a durable, dominant advantage.

source: sec.gov

wide

The fiscal 2026 10-K states 'The strength of our competitive positions in many of our existing markets is primarily due to our leading technology', and frames process control as 'an essential enabler' of the yield ramp in fabs the filing says now cost 'well above $10 billion'.

source: sec.gov

narrow

The FY2026 10-K names Seagate and Toshiba plus NAND-based substitutes as the competition, and discloses three customers at 16%, 15% and 13% of net revenue — 44% across three cloud buyers. A cost-scale position sold into that concentration is narrow.

source: sec.gov

Moat type network effects

The 10-K states competing in advertising depends on simultaneously attracting and retaining users, advertisers, and content providers — a three-sided marketplace whose value compounds with scale, the classic network-effect flywheel behind ~85% of Alphabet's revenue.

source: sec.gov

intangibles ip

The 10-K reports over 9,100 active patents and over 3,600 pending applications with terms running through 2045, alongside proprietary process-control software (Klarity, I-PAT, aiSIGHT) that turns inspection and metrology data into yield learning.

source: sec.gov

cost scale

The filing claims 'leadership in driving areal density and cost efficiency' with a 'global manufacturing footprint' — the moat is delivered cost per terabyte.

source: sec.gov

Leadership clear leader

Clear leader in its core markets — ~91% of worldwide search and ~69% of mobile OS (StatCounter, Jun 2026) — though only the #3 hyperscaler in cloud infrastructure at ~13%, behind AWS and Azure (Synergy Research, Q2 2025).

source: sec.gov

clear leader

The 10-K opens by describing KLA as a supplier of 'industry-leading equipment and services' and attributes its competitive positions 'in many of our existing markets' primarily to leading technology; named competitors are Applied Materials, ASML, Hitachi High-Tech, Lasertec and Onto Innovation.

source: sec.gov

co leader

The filing's own words: 'We believe we are well-positioned in a competitive industry with our leading product portfolio' — attributed, and set against exactly two named HDD rivals.

source: sec.gov

Pricing power strong

A 32% consolidated operating margin held flat 2024→2025 on $402.8B revenue (FY2025 10-K), reflecting strong pricing power in a near-monopoly search-ad auction.

source: sec.gov

strong

Services were approximately 23% of fiscal 2026 total revenues on an installed base that recurs, backlog nearly doubled to $12.57 billion, and SEC-reported net income was 35.6% of revenue in fiscal 2026 with operating income at 41.2% of revenue in fiscal 2025.

source: sec.gov

weak

Three customers at 44% of revenue (16/15/13%), with the filing noting the business is 'largely dependent on the buying patterns of our large Cloud customers' — buyer leverage stated plainly.

source: sec.gov

Summary

Alphabet's core engine is a three-sided advertising marketplace — the FY2025 10-K says competing depends on simultaneously attracting users, advertisers, and content providers — anchored by Google Search's ~91% worldwide share and Android's ~69% mobile-OS share (StatCounter, Jun 2026), which give it unmatched reach and first-party data. That scale converts to profit: a 32% consolidated operating margin on $402.8B of FY2025 revenue.

KLA sells the inspection, metrology and yield-management layer a fab must run to reach volume production: the 10-K says accelerating the yield ramp ahead of competitors is critical to chipmakers' profitability, and backlog nearly doubled from $7.86 billion to $12.57 billion in the year to June 30, 2026 'due to strong demand driven by the AI infrastructure buildout'.

Post the flash separation, Western Digital is a focused HDD supplier whose filing calls Cloud 'our largest and fastest growing end market,' selling high-capacity enterprise drives to cloud, internet and social-media infrastructure players. The same filing shows what that focus costs: three customers were 16%, 15% and 13% of net revenue in fiscal 2026, up from none above 10% in 2024 — the cloud buildout concentrated the buyer side as fast as it grew the business.

Chain position

Full-stack AI player: designs its own TPU accelerators, operates Google Cloud (the #3 hyperscaler), and develops the Gemini frontier models — both a supplier of AI compute and a developer of AI products.

Sits beside the process steps rather than in them — it measures and inspects what deposition, etch and lithography produce, and TSMC alone exceeded 10% of revenue in each of the last three fiscal years.

Layer-3 mass-capacity storage; the other half of the HDD co-leadership.

Products (share / barrier)
  • Metrology (Archer overlay, SpectraFilm, SpectraShape, Therma-Probe) Top 3 · Deep source: sec.gov
  • PCB and Component Inspection (Orbotech direct imaging, ICOS) Unknown · Moderate source: sec.gov
  • Reticle and mask inspection (Teron, TeraScan, LMS IPRO) Top 3 · Deep source: sec.gov
  • Semiconductor process-control software (Klarity, I-PAT, aiSIGHT, 5D Analyzer) Unknown · Moderate source: sec.gov
  • Specialty Semiconductor Process (SPTS etch, deposition and plasma dicing) Niche · Moderate source: sec.gov
  • Wafer defect inspection and review (Surfscan, Puma, eSixx, eDR7xxx, Voyager) Leader · Deep source: sec.gov
Long-horizon vote +0.42 at weight 0.20 · swarm bullish

Editorial prior, not backtested.

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+0.42 at weight 0.20 · swarm neutral

Editorial prior, not backtested.

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+0.05 at weight 0.20 · swarm neutral

Editorial prior, not backtested.

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