On August 12, Goldman Sachs TMT trading expert Peter Callahan pointed out that the narrative around AI within the software sector is changing after this earnings season. Previously, the market was more concerned that generative AI would weaken the moats of traditional software companies, but 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 receiving 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 beginning to extend from model training to inference, agents, and automation applications. Cloudflare revealed that non-human traffic has already surpassed human traffic and expects that if the current trend continues, machine-generated network requests will grow rapidly. This means that AI may not just be a substitute for software companies: for platforms that handle data, APIs, network traffic, security, and development tools, an increase in the number of agents and call frequency could itself become a new source of demand. As a result, there is a clear differentiation emerging in the software industry: whether AI constitutes a benefit 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)