Ares' Jacobson Sees Bifurcation in Software Industry
THE SO WHAT
When Ares talks about software bifurcating under AI pressure, the capital markets view is clear: horizontal, undifferentiated tools get repriced, while deep workflow and data moats hold value. If you’re a software operator, your multiple will increasingly track how hard it is for a customer to recreate your product with an LLM and a few engineers.
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