TLDR Tech / Fintech
Long APIs, short slides: a pair trade for the AI transition
The market is mispricing “software” as a single category, when AI actually creates a sharp split between UI-heavy, seat-based SaaS and usage-based infrastructure. AI agents replace human-facing tools and IT services (the “road workers”) while dramatically increasing demand for APIs, databases, monitoring, and security (the “tollbooths”). The winning trade is long infrastructure and APIs that charge per call, and short human-hours businesses like IT outsourcing and seat-based enterprise software.
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