Reference page for v2 narrative 8653. Updated as new context lands.
Related: rough second-brain 9341, draft okr 9397.
Cross-section thread: 2026-09-25 follow-on. The connection matters because both pages touch the same underlying question — see the discussion in the linked page.
- Moat → convertible note → SLA. Worth a second pass; the moat angle keeps coming back.
- Trademark → wedge → equity. Worth a second pass; the trademark angle keeps coming back.