Right now, the market is hit by multiple headwinds of geopolitical tensions, fear of AI disrupting software, and perceived overspending on AI.
It doesn’t help that these are occurring against the backdrop of sticky inflation, shaky supply chains, and uncertain global growth.
Yet some businesses are built with moats so strong that they not only resist these chaotic headwinds but could even emerge stronger.
We check out some names that might fit this enviable resilience.
Veeva Systems (NYSE: VEEV) – Impenetrable Wide Regulatory Moat
Veeva built itself a wide regulatory moat around its life science-focused software business, helping pharmaceutical companies manage mission-critical functions across entire product lifecycles.
These functions include highly-regulated drug safety reporting required by global health authorities. Safety reporting is so important for pharmaceutical companies that failing to do so could mean having prospective drugs pulled off the shelves.
Such mission-critical compliance requirements explain why 14 of the top 20 pharma companies are committed to using Veeva’s latest CRM (customer relationship management) platform – and once they do, they aren’t likely to switch away casually.
For fiscal year 2026 (FY2026), Veeva’s revenue climbed 16% year on year (YoY) to US$3.2 billion, supported by rising subscription revenue. This drove operating cash flow up 30% to US$1.4 billion.
Veeva’s numbers attest to its resilience amid headline scares of AI disruption for software companies.
Compared to other software businesses, Veeva plays a different ball game by handling its customers’ most mission-critical data and regulatory needs – something these customers will gladly pay a premium for over alternatives.
Alphabet (NASDAQ: GOOGL) – Strong Network Effect
Alphabet’s Google Search handles trillions of annual searches. But that’s not all. 15 of Alphabet’s products already boast a wide user base of at least 500 million each, with seven products having 2 billion users each.
The adoption momentum is likely to persist as all of Alphabet’s high-volume products are enhanced with its Gemini AI models. Moreover, the AI models get better with more users.
In FY2025, Alphabet’s revenue climbed 15% to US$403 billion, driven by the momentum of its Search and Cloud segments.
Even with heavy AI infrastructure spending, Alphabet still generated US$73.3 billion in free cash flow in FY2025, roughly unchanged YoY.
And with net cash of US$80.3 billion on its balance sheet, any perception of AI-overspending should be debunked.
The result is a self-reinforcing network effect that keeps getting stronger with more users.
ASML Holding (NASDAQ: ASML) – High Switching Costs of EUV Lithography
ASML is the only company in the world that makes extreme ultraviolet (EUV) lithography machines, making it a monopoly.
EUV lithography machines are critical in the manufacturing process of leading-edge semiconductor chips, such as those used in high-end smartphones and AI data centers. As the lone provider of this mission-critical equipment in the semiconductor market, switching away from ASML is not just costly – it’s effectively impossible.
In FY2025, the Dutch company’s revenue climbed 16% from a year ago to €32.7 billion. Free cash flow grew even faster, up 21% to €11.1 billion, demonstrating ASML’s demand-resilience amid geopolitical volatilities.
Additionally, the company’s massive €38.8 billion backlog gives management confidence that its 2026 revenue will grow between 4% and 19%.
ASML’s monopoly in EUV lithography machines makes it one of the most indispensable “shovel-makers” in the contemporary AI gold rush – an effective hedge against uncertainty for long-term investors.
Intuitive Surgical (NASDAQ: ISRG) – A Reputable Precision Brand
Intuitive’s advantage lies in its massive lead in robotic surgery, anchored by its da Vinci series of robotic-assisted minimally invasive surgical platforms.
Having treated over 20 million patients since 1997, the company’s brand equity is unmatched in the robotic surgical industry.
Intuitive’s revenue jumped 21% to US$10.1 billion in 2025, while free cash flow reached US$2.5 billion, nearly doubling from FY2024, thanks to broad-based growth across most major segments.
Notably, the company’s installed base increased 12% in FY2025 to 11,106 systems. This is another step forward in cementing Intuitive’s position as a critical component of modern healthcare infrastructure.
These are the numbers of a growing, indispensable brand, despite geopolitical headwinds. Providing a mission-critical digital and physical ecosystem for hospitals, Intuitive is also less exposed to AI disruptions.
Amazon (NASDAQ: AMZN) – Delivering Solid Growth
Over one million robots are found today in Amazon’s fulfilment network to handle repetitive tasks.
Such breathtaking scale of automation allows the tech giant to make over 8 billion same-or-next-day US Prime item deliveries in FY2025, up 30% from a year ago.
Amazon’s regionalised network in the US allows inventory placement closer to customers, reducing package routing per delivery. With a knack for achieving faster delivery with unmatched logistical efficiencies, the company’s overall business productivity improved tremendously.
Such productivity improvements manifest themselves in the financial numbers. Amazon’s 2025 revenue rose 12% to US$716.9 billion, driving operating cash flow up 20% to US$139.5 billion.
Although Amazon is one of the big tech companies splurging enormously on AI, it’s also monetising its new compute capacity promptly, contrary to the market perception of AI-overspending.
Get Smart: Fortresses Standing Firm Amid Market Headwinds
While time in the market beats timing the market, in turbulent times, it’s tempting to conclude that nothing is safe and simply hold on to cold, hard cash.
But here’s the truth: Companies with clear, impenetrable moats don’t just survive these turbulent times; they thrive.
Operating from a position of strength, they stay firm amid the ever-shifting macro environment.
For long-term investors, these are the fortresses that offer opportunities.
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Disclosure: Larry L. owns shares of Amazon and Alphabet.
