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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 multiples, and many companies “floating” below private-equity valuation floors without differentiated AI positioning.
* Legacy SaaS faces a scaling trap as per-seat models, c
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Notes - When AI Meets SaaS: Disruption, Adaptation, and the Moat of Taste
Summary
* AI threatens enterprise SaaS more than consumer apps, as agentic interfaces and in-house AI development erode seat-based pricing and standardized workflows while incumbents survive on backend depth, governance, and trust.
* The “taste” factor—human intuition in design, vision, and product adoption—remains AI’s weakest area, protecting consumer tech