There’s a lot of lazy thinking in markets right now – ‘AI kills software’. It doesn’t. What’s getting hit hardest are the businesses with no real edge. The ones that were expensive to build five years ago and are now easy to replicate.

The ones that hold up? Embedded. Regulated. Hard to rip out. That’s where the real trade is.

A sharp take from Sally Yu on where the market is getting it wrong.

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