The Middleware Is Dead
When the orchestrator becomes the intelligence, what happens to the tools it used to need?
This edition examines how the latest AI developments and this week's market moves are changing the economics of enterprise software. The report follows the pressure emerging across the stack and the signals that matter over the coming weeks.
The enterprise software stack is changing faster than expected.
Recent model releases and sharp divergence across selected software names raise a question: which layers of the stack can continue to justify their margins? The report examines whether the move is temporary or the beginning of a structural shift.
Inside the report
From feature to platform
How new agent capabilities are changing the role of existing enterprise tools.
What this week's market moves suggest
A comparison across different software business models and the potential implications for competitive positioning.
Three catalysts to watch
The events that may clarify whether the sector repricing continues over the coming weeks.