The launches of Claude 4.5, Codex from OpenAI, and Claude 4.6 represented step-function changes in AI model capabilities.

The market is questioning the terminal values of software companies due to the rapid advancement of AI models.

A wave of new, fast-growing, agentic-first software companies is expected to emerge and compete with incumbents in the 2027-2028 timeframe.

The AI infrastructure market is expected to be supply-constrained well through 2027 and possibly into 2028.