Avichal Garg has co-founded and backed 10 unicorns through Electric Capital. In a recent interview he laid out, unprompted, the three categories of value AI structurally can't absorb. First: physical-world work — anything requiring atoms, not bits, stays a moat as long as robotics lags digital AI. Second: regulated or licensed gates — anywhere the government controls supply and demand for strategic reasons, credentials plus access still win. Third, and the one that actually lan...