The recent rout in software stocks has wiped out over $2 trillion in market value. Capital is flooding out of the “thinkers” and into the “doers” at a pace we haven’t seen in years. Everyone is talking about AI disruption, but few are asking the right questions. What does it mean when machines replace cognition, not just process? Is the market even panicking about the right thing?
Who wins, who loses, and what does it mean for curves, inflation, and the global labour market? Look, I won’t have all the answers but I researched this in more detail over the past few days and I wanted to share my current thoughts with readers.
I’ve been asking myself some deep questions, and the answers so far are both fascinating and uncomfortable.
Let’s dig in.
