Chase & David start 2026 by unpacking the software selloff—and why the market's first-level thinking is missing a lot of nuance. With hyperscaler data center spending equaling the GDP of Sweden, the AI infrastructure boom is undeniable. But so far this year the market has flipped from "AI is all upside" to "AI is an existential threat" for many software stocks. Chase breaks down the four fears driving the panic:

1) BYOS - build your own software, 2) AI-native startups eating incumbents, 3) the death of seat-based pricing, and 4) a broken value chain.

The key framework? Whether a company owns proprietary data and workflows or is just a fancy UI sitting on top of yours—that's what separates the winners from the losers, and big opportunities exist where the market is struggling with that distinction. Enjoy!

Nothing we say here is investment advice – we don't know your personal situation, your goals, or any other variables that we use to create a unique financial and investment plan for you and your family. We're here just chatting and of course you're welcome to reach out to anyone at Doxa Capital if you are interested in a plan that complies with your financial situation. The views expressed are that of Chase and David and should not be held as representations of their respective firms.

For terms and conditions, please visit our website at ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://doxacap.com/terms-conditions/⁠⁠⁠⁠⁠

⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Music by ⁠⁠⁠⁠⁠⁠⁠Agent Method