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Software multiples have re-set to a fair level given AI uncertainty. If you own a software stock, you must expect the CEO to say “we crushed numbers & expect that to continue bc our business accelerates with AI.” If you don’t expect to hear - don’t own it. Too hard basket. 🧐🤷‍♂️ https://t.co/owzAsKXX77 Databricks just crushed numbers bc of AI. Clickhouse is accelerating bc of AI. Snowflake likely the same. AI worklows being built on their data. But too many software companies become more at risk as AI improves. I want to own things positively correlated to intelligence. 🚀