AI Impact on Software - Slide Deck

研报英文原文证据摘录

AI Impact on Software - Slide Deck

Software July 7, 2026

John DiFucci

john.difucci@guggenheimpartners.com AI Impact on Software - Slide Deck 212 518 9670

Jacob Smith

jacob.smith@guggenheimpartners.com Key Message: Attached are slides that accompany our Tuesday, July 7th 10:30AM ET Webinar discussing AI's Impact on Software.

212 518 9286 Based on our detailed analysis of the technology behind AI in our report "AI: Still Early, But Not Too Early", we address salient topics

of investor interest on the subject, and how it ultimately impacts existing traditional software subsectors. Our conclusion suggests

Tamjid Chowdhury that traditional software vendors will ultimately have to embrace AI to maintain relevance, but monetization will be elusive beyond tamjid.chowdhury@guggenheimpartners.com

212 823 6739 leveraging the technology to gain market share (if it is better leveraged vs. competitors). History suggests that transformative innovation

typically does not come from the incumbents, but rather from new entrants. We assess the likely impact from AI across various software

Richard Magnus subsectors, and identify new "AI-native" areas of software in the report. We also lay out why software valuations look compelling in richard.magnus@guggenheimpartners.com our note "The Fatal AI Bear Case on Software Is ... A Hallucination". Currently, more names are trading at or below the intrinsic value 212 518 9308

of recurring FCF (driven by recurring revenue) than at any point since the Global Financial Crisis, New ARR growth has normalized

Blake Musumano after a post-COVID digestion, and subscription growth looks set to stabilize and potentially accelerate in late 2026 into 2027. Despite