TLDR Tech / Marketing
Software Isn't Dead. What's Valuable Is Changing
AI is shifting software value from user interfaces to systems that capture data and automate work. The belief that AI makes SaaS obsolete led to a selloff in software stocks, but code was never the primary moat. The most valuable layer is structured data systems of record, providing AI agents with necessary context. New systems can now extract structured information from previously unstructured sources. Workflow products remain important as they encode industry knowledge on how work should be done, even if AI agents perform the steps. The major shift is automation replacing labor, enabling software to sell economic output rather than just tools.
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