Snapchat's 15-year success defies industry odds—nearly 1 billion MAUs, $6B+ revenue, zero lasting competitors since launch. CEO Evan Spiegel reveals why distribution, not software, is the real moat in AI era, and how a 9-12 person flat design team ships constant innovation while competitors copy everything. Software features are easily cloned; durable competitive advantages come from ecosystems, platforms with developers and creators, and hardware—lessons Snap learned 15 years ago that the AI industry is just discovering now.