I think the software sector has reached a point where we need to distinguish whether a company's business model is "rent-seeking by leveraging intermediary friction" or "providing irreplaceable assets."
In an extreme scenario, AI will destroy business models built on information asymmetry, user inertia, and intermediary friction. If it's the former, it will be overturned by AI with no chance of recovery; if it's the latter, this is just a temporary valuation compression.
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