As mentioned before, this year hasn't been friendly to people like me who are accustomed to one-sided trading. Because of this, I've been forcing myself to short squeeze my own thinking and re-evaluate the market from the ground up.

In this wave of AI, the next phase is no longer just about looking at the production capacity of "shovels"; it's about penetrating through to see organizational capabilities.

In the past, the market liked to look at models, computing power, orders, and capex first. The watershed going forward will become:

Who can truly embed AI into business processes and rewrite organizational efficiency; who is just using AI as a new round of story packaging.

Ultimately, AI in the near future may not necessarily kill the "software" label first, but it's very likely to kill that thin, brittle, replaceable application layer—

Those companies that still rely mainly on seat-based fees, lack proprietary data, lack distribution rights, lack compliance/trust barriers, and are also positioned where agents can most easily directly replace them.

For now, here are a few short positions on my watchlist:

$ZoomInfo Tech(GTM.US)$Asana(ASAN.US)$Freshworks(FRSH.US) plus a large-cap version: $Workday(WDAY.US)