Software
Cloud platforms, cybersecurity, AI-native SaaS, and the software layer monetising the AI build-out.
The Software Monetisation Layer
While hardware and chips get the headlines, the long-term value of AI will accrue to the software companies that embed it into workflows, sell access to it at scale, and defend moats through data network effects. The question for every software stock is: does AI accelerate your growth, or does it commoditise your product?
Key Sub-Themes
AI-Enhanced SaaS — NOW (ServiceNow), CRM (Salesforce), ADBE (Adobe), WDAY (Workday) all embedding AI copilots into workflows. Now-linked to ROI stories, not just feature releases.
Cybersecurity — CRWD, PANW, ZS, OKTA. AI makes both attacks and defenses more capable. Cybersecurity budgets growing structurally regardless of macro environment.
Data & Analytics — SNOW (Snowflake), DDOG (Datadog), MDB (MongoDB), ESTC (Elastic). The infrastructure layer for AI-ready data pipelines.
Developer Tools — TEAM (Atlassian), GTLB (GitLab). GitHub Copilot and AI code generation are simultaneously a threat and an opportunity.
Cloud Platforms — MSFT Azure, GOOGL GCP, AMZN AWS. The three hyperscalers capturing the vast majority of AI workload spend.
Key Stocks
NOW, CRM, ADBE, WDAY, INTU, TEAM, HUBS, MDB, GTLB, ZS, OKTA, PANW, ESTC, CRWD, DDOG, NET
Deep Dive Articles — Coming Soon
Rule of 40 analysis, AI monetisation case studies, and SaaS comps will appear here.