“We invested in Gamma which does AI for presentations and slide decks. Yes you can do decks within ChatGPT, Claude, other products now — but they're never going to be a first-class citizen in the way they are for Gamma, and there's a real opportunity to retain users in that way.”

Verticalize for the retention moat — Gamma owns decks because ChatGPT never will

Retention defensibility against general-purpose LLMs comes from being a first-class citizen for one job. Gamma retains users for decks because ChatGPT will never make decks its primary surface. Verticalization is the retention moat in the LLM era — pick a job that the labs won't prioritize and own it end-to-end.