Executive Summary
The median public software company operates at just 5% GAAP net income margins despite reporting attractive non-GAAP metrics that exclude stock-based compensation. This financial reality creates a dual crisis: no valuation floor during AI-driven selloffs and terminal value concerns about code generation replacing entire business models. Jared Sleeper, partner at Avenir Growth, argues that while AI coding tools dramatically reduce software development costs, the value proposition extends far beyo...
Key Investment Opportunity
Enterprise Software Survivors with Network Effects
Companies with strong data moats, regulatory expertise, and ability to transition to AI-powered outcomes pricing will emerge stronger
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