Software & AI Stack

For over a decade, our Global Technology team has researched the emergence of AI across the technology-infrastructure stack, building deep expertise in underlying enablers at every step of the value chain, from silicon to platforms. On the resulting expertise, we have built the most unique coverage of Software & AI, encompassing frontier labs, AI infrastructure, data and developer platforms, the world’s most critical software enablers, and enterprise applications.

Our integrated approach follows the value chain from silicon to models and applications. We combine a first-principles understanding of the underlying technology with rigorous analysis of competitive dynamics, capital requirements, unit economics and profit pools. This allows us to assess not only winners and losers, but also where value accrues across the stack.

AI is reshaping the software industry, blurring traditional boundaries between infrastructure providers, model developers, and applications. We research the private and listed companies driving that change, helping clients navigate a rapidly evolving market and identify the best opportunities to allocate capital.

As with our other verticals, our coverage will evolve pragmatically, guided by where our thematic research takes us, where we identify compelling investment opportunities and where we see the greatest demand for unique research.

Please contact our sales force if you want to know more about our work.