Peter Callahan, a TMT trading expert at Goldman Sachs, pointed out that the narrative around AI within the software sector is changing following this earnings season. Previously, the market was more concerned that generative AI would weaken the competitive advantages of traditional software companies. However, the fields of data infrastructure and development tools have begun to shift from 'AI headwinds' to 'AI tailwinds,' with companies like Cloudflare, Palantir, Datadog, Twilio, and Atlassian gaining more attention. In contrast, it remains to be seen whether traditional SaaS application companies can establish a similarly clear logic for benefiting from AI. The underlying change is that the commercialization of AI is starting to extend from model training to inference, agents, and automation applications. Cloudflare disclosed that non-human traffic has surpassed human traffic and expects that if current trends continue, machine-generated web requests will grow rapidly. This means that AI may not only be a substitute for software companies: for platforms that handle data, APIs, web traffic, security, and development tools, an increase in the number of agents and call frequency may itself become a new source of demand. As a result, there is a clear divergence in the software industry: whether AI is beneficial increasingly depends on whether a company is at the application layer or the infrastructure layer, and whether it can directly monetize the growth in AI traffic. (Jin Shi)