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Jensen's Polite Warning: The Coming VARification of Software
Jensen Huang politely predicted software companies will become "VARs of AI tokens" — a 90% valuation compression delivered with a smile. As AI collapses the cost of building and maintaining software, the industry's brain moves to the model labs, and everyone else fights over the limbs.
Notes: Convequity’s Lens on Software 3.0 Investing
Summary
* Software 3.0 mirrors the early internet era: AI is in an infrastructure-first phase where most value accrues to chips, data centers, power, and networking, while the true application winners largely do not yet exist.
* The public SaaS universe is structurally impaired, with slowing growth, high SBC, compressed
Updates: Fortinet - The Convergence of Network, Security, and the Physical World
Summary
* Fortinet’s single-OS, ASIC-accelerated architecture gives it a durable structural edge as networking, security, and compute converge across cloud, edge, and data centers.
* Dual AI tailwinds—securing AI workloads and AI-enabling SecOps—position Fortinet as one of the few vendors leveraged to both the AI data