The software sector is evolving fast—and not always in ways investors expect. From the rise of AI-native startups to the shifting economics of SaaS, the rules of the game are being rewritten. In this episode, we unpack what really drives long-term winners in software, how to think about moats in a world of falling barriers to entry, why valuation is more art than science in this sector, and how AI is both a disruptor and an accelerant.