Raw data volume is no longer a sufficient competitive barrier. The modern enterprise moat will be built entirely on proprietary evidence: execution logs, decision traces, and continuous feedback loops that encode institutional judgment directly into the operating layer. This will be the foundation of true operational defensibility. As isolated point solutions become trivially easy to replicate, systems that compound trusted context over thousands of interactions will become structurally impossible to dislodge. Diligence frameworks must pivot from evaluating static model capabilities to measuring evidence density. In this capital cycle, institutional memory is the ultimate asset. The platform that remembers the most ultimately wins.