The possibility that anyone can easily replicate any startup scares A16Z.
This is what always confused me about VC AI enthusiasm. Their moat is the capital. As AI improves, it destroys their moat. And yet, they are stoked to invest in it, the architects of their own demise.
The incompetent have always pantomimed the competent. It never works. Although the incompetent will always pay a huge amount to try to achieve this fantasy.