3Q26 Portfolio Rebalance: Capturing the Next Phase of AI Infrastructure Buildout (Pt.1)

Cerebras can generate tokens at extraordinary speed for a handful of users, but NVIDIA’s GPU architecture delivers superior economics at scale. This report explains why the fastest AI inference system does not necessarily make the best mass-market token factory — or the better investment.

Part 1 mapped agentic disruption across SaaS with provisional scores. Part 2 deep-dives PLTR, DDOG, and NET: who owns the agent layer, who is durable plumbing agents pay for, and who is more exposed — so investors can see structural winners more clearly.

Agentic AI is forcing SaaS down one of three routes: full replacement, headless survival, or owning the agentic layer. Part 1 maps the paths and scores 22 public SaaS names on our VAR-Resistance Scorecard — only two emerge as Agentic Compounders.