Ara Kharazian

And then Aaron, what about the large, the giants of the software business?

You mentioned many software companies that are growing quite quickly, that are doing quite well.

Because you said fast growing, that makes me think that they're private companies

you know, perhaps venture capital backed and probably, you know, if I hadn't heard of them, they probably are private.

But then what about the large behemoths?

You know, the ServiceNow's of the world, the Microsoft's of the world.

And then also, there's the private equity backed thing where it's their even later stage, and they're not growing that quickly, but they're producing a lot of cash flow.

You know, you've talked about this, you're growing budding world of like kind of new software companies, but what about the more legacy software?

Well, again, it's going to be case by case.

And many of them will be disrupted not only by AI, but simply because of demand for their software, which may dry up or change or skyrocket or whatever, right?

So, I mean, that's what's going to be interesting about the next couple of years.

There's going to be an instinct to say that, hey, this company failed because of AI, whereas it very well may have just failed because it was not responsive to the needs of its customers, right?

Maybe that was because it didn't apply AI, but also maybe that was just because of the natural churn that ends up happening amongst firms that aren't innovating fast enough.

So I think there's a tendency to make proclamations about the entire software market, but AI will certainly be a disruptor, but it's also one that every firm knows it has to respond to in some way.

So we all have access to the same information there.

Well, I think part of it is that a lot of legacy players aren't really sold on AI being that transformative.

Or maybe they believe it will be transformed, but they don't necessarily think it's something they need to be extremely responsive to.

There's a really good example, actually, because it was in a Wall Street Journal like a month or two ago.

Deloitte sponsors like a note in the Wall Street Journal.

It's called like CFO Journal.