Software
Enterprise software, cloud services, platforms and the companies that sell code as a subscription. It lives off corporate IT budgets and the pace at which businesses renew their tools, with the AI buildout now taking a large share of that spending. Sensitive to interest rates, which weigh on valuations built on distant profits, and to the rules on data and competition.
Latest analysis
AI's order book runs to 2030, but the debt behind it rests on lab revenue nobody has seen
Analysis ·