The Moat & The Journey: Assessing Software Durability + Growth in the Age of AI

研报英文原文证据摘录

The Moat & The Journey: Assessing Software Durability + Growth in the Age of AI

North America Insight

July 21, 2026 04:48 AM GMT

Morgan Stanley & Co. LLCMSoftware Adam Wood

Equity Analyst

The Moat & The Journey – Adam.Wood@morganstanley.comSanjit K Singh +1 212 761-3656

Sanjit.Singh@morganstanley.com +1 415 576-2060

Assessing Software Durability + Meta A Marshall

Meta.Marshall@morganstanley.com +1 212 761-0430

Growth in the Age of AI Elizabeth Porter, CFA

Elizabeth.E.Porter@morganstanley.com +1 212 761-3632

Software is evolving to address the risks + opportunities from Josh Baer, CFA

AI, just as it has in prior cycles. To assess implications, we EquityJosh.Baer@morganstanley.comAnalyst +1 212 761-4223

introduce a Moat & Journey framework and come away with Chris Quintero

conviction on MSFT, PANW, CRWD, NET, DDOG, SNOW, and EquityChris.Quintero@morganstanley.comAnalyst +1 212 761-1686

SHOP and assume coverage of CRM/INTU at EW and ADBE/ Jonathan Eisenson

Research Associate

WDAY at UW. Jonathan.Eisenson@morganstanley.com +1 212 761-2808

Jamie Reynolds

Key Takeaways Jamie.Reynolds@morganstanley.com +1 212 761-2087

Kathleen A Keyser

The software industry is maturing, but we think the market has become too

negative on the group. We consider 5 key debates and introduce an industry Katie.Keyser@morganstanley.com +1 212 761-0518

framework. Ryan Lountzis

Moat and Journey - moats are important, but are not enough standalone. The Ryan.Lountzis@morganstanley.com +1 212 761-3189

Lucas Cerisola

journey is key to who has best positioned themselves for coming industry

changes. Lucas.Cerisola@morganstanley.com +1 212 761-9194

Abhishek S Murli

Software tends to follow a buy then build cycle. We are in the build phase today Research Associate