CRM

Markets price AI capex as a permanent demand surge, but every prior tech infrastructure wave (fiber, cloud) saw a consolidation phase. As hyperscaler spend plateaus, the monetization layer — enterprise software with AI integration — reprices upward. Long mid-large cap enterprise software with recurring revenue and AI upsell optionality.

Nvidia's new AI chip validates agentic AI adoption, which requires dense enterprise software orchestration layers — directly benefiting workflow automation and enterprise cloud platforms. The 'AI replaces software' narrative is collapsing. With XLK up 4.2% on the week and VIX at 16.2, risk-on conditions support re-rating large-cap enterprise software names. Long workflow automation and enterprise AI platform leaders.

Rising career anxiety drives durable demand for HR tech, online learning, and staffing solutions—a counter-cyclical tailwind even in risk-on markets.

Private credit market tightening signals peak leverage cycle; distressed refinancing wave ahead for software/tech borrowers.

Companies hemorrhaging $165B on poor customer experience will shift spending to outsourced CX vendors and AI-powered resolution platforms, creating a durable growth tailwind.