Stord just raised $250M at a $3B valuation. Worth reading the founder's note. The line that stuck with me: "9 of the 10 largest US companies by revenue operate physical networks at scale. Physical foundations built with the right technology on top compound in ways pure software cannot replicate." This is the thesis I'm building Izzi's on. Everyone wants to build pure software. Higher margins, cleaner scale, no inventory headaches. I get it. But the moat isn't there anymore. The moat is in the physical experience — the store, the community, the people — paired with software that makes it work at scale. That's why we run a 10,000 sqft store AND build internal tools with Claude and Cursor. Physical + software isn't a tradeoff. It's the new defensibility. Congrats to the Stord team. The thesis is right.