Ed Ludlow

And there is just this inherent unknown of what the future of software is going to look like around AI.

But we think that a lot of that caution is already reflected in valuations for these publicly traded BDCs.

And instead, we do see room for software to reinvent itself, too.

And we just haven't seen this play out just yet, which is why what we're seeing in the market right now is actually a reflection of that sentiment, of that caution, but not a real deterioration in the fundamentals.

That's going to be a story for the next few years.

Stephanie Aliaga of J.P.

Morgan, thank you very much.

Coming up, Inflection CEO Matt Kinsella.

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