Good read. The takeaway feels simple: AI doesn’t kill software, it exposes weak ones faster.

Think of it like ride-hailing. When more drivers enter the market, the ones who relied only on being “available” feel the pain first. The ones with loyal users, strong routes, and trust still get booked.

AI makes building software cheaper. It doesn’t make switching risk-free.

If a product is just a set of features, someone can rebuild most of it in a weekend. Pricing power fades. Growth stories crack.

But if the software sits deep inside payroll, compliance, reporting, or core workflows, replacing it is like changing engines mid-flight. No one volunteers.

This isn’t Armageddon. It’s a moat test.

AI pressures narratives, not existence.

For investors, the question isn’t “Will AI disrupt software?”

It’s “Which software was already fragile?”