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
