There is a move towards software again, as ime a lot of the "AI" oriented investment was around hardware [0]. In my opinion, it was a side effect of how hardwa

There is a move towards software again, as ime a lot of the "AI" oriented investment was around hardware [0]. In my opinion, it was a side effect of how hardware became sexy again as an investment story, though in action, the fabless players like Nvidia and the diversified players like Broadcom that could take full advantage of that "AI" and "Hardware" story because of better margins. I've also been very open about my opinions that companies that sell a foundational model cannot build a strong long term moat, as an overtrained or specialized models will outcompete foundational models in PoCs and domain specific applications, and the actual hardware needed isn't that exhorbitant as DeepSeek has shown (that said I don't think they spent $6m - it was probably in the $20-50m range, but even then fairly reasonable for most organizations). [0] - https://www.reuters.com/technology/artificial-intelligence/us-chip-darlings-struggle-some-bet-software-next-big-ai-play-2025-03-06/ https://www.reuters.com/technology/artificial-intelligence/u...