Three routes for SaaS under agentic AI. Left: full internal replacement. Centre: the headless path. Right: the incumbent that owns the agentic layer.

Scoring SaaS Survival: The VAR-Resistance Scorecard (Pt.1)

29 min · 10 Aug 2026

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.

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

The July AI-infra correction separated disciplined portfolios from levered concentration. Our 3Q26 rebalance concludes with a clear principle: technical relevance is not enough. We exit weakened theses, favour bottleneck resolvers like Soitec, and size unproven optionality with discipline.

29 min read 04 Aug 2026

20 min read 30 Jul 2026

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.

19 min read 24 Jul 2026

Photonics: OCS Roadmaps and Market Dynamics (Pt.4)

OCS roadmaps are splitting by workload: high-radix MEMS for scale-out and training, lower-latency silicon photonics for inference scale-up. Part 4 examines Google’s V8i push, NVIDIA’s dual CPO+OCS approach, market growth to $2.5B+, and whether microLED can solve short-reach constraints.

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