AISaaStrabout 2 hours ago
Software Isn't Dead, Just Harder to Win
14 min read
Hyperscalers will spend roughly $688B on AI capex in 2026 against only $110B in revenue. The two foundation model leaders capture $89B of that revenue. The crossover where cumulative capex is out-earned hits around 2031-2032 at $1T revenue. Software plus sensors, marketplaces, proprietary data, and full-stack businesses remain defensible moats.
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