Cool, but, the thing is… even though CF is genuinely very good at what they do, I do not think that they have real moat. Nor does any other CDN provider have it

Cool, but, the thing is… even though CF is genuinely very good at what they do, I do not think that they have real moat. Nor does any other CDN provider have it. The top 5 CDNs in terms of popularity are all US-based companies. However, Bunny and other providers are growing and becoming real market competitors. Switching from Microsoft, Amazon, or heavy Google-based infra to on-prem or other vendors is much more complicated than switching the CDN. CDNs are a very replaceable component. Basically a DNS record update away, and a bit of config.