What is moat in investing in energy markets? ExxonMobil’s integrated operations create a supply chain moat, with Q2 refining margins holding at $17/barrel, sustaining EPS despite Brent’s fluctuation between $82–$ The AI business already has a $123 billion run rate, and CEO Andy Jassy pointed out, "How often do you have an opportunity that's $123 billion of annual revenue run rate where you say it's still early?" We sell different types of products and services to both investment professionals and individual investors. These products and services are usually sold through license agreements or subscriptions. Our investment management business generates asset-based fees, which are calculated as a percentage of assets under management. We also sell both admissions and sponsorship packages for our investment conferences and advertising on our websites and newsletters. In investing, “moat” describes a company’s durable competitive advantage. In Q2 2024, analysts highlight Microsoft’s cloud ecosystem as a wide moat, with Azure revenue growth of 23% year-over-year outperforming the Nasdaq Composite’s 14% gain, signaling defensive potential in volatile markets.