Goldman Sachs TMT trader Peter Callahan says the post-earnin
文 / 小金
2026-08-12 14:50:03
来源:亚金网
Goldman Sachs TMT trader Peter Callahan says the post-earnings AI narrative within software is shifting: fears that generative AI would erode traditional software moats are yielding to a view that data infrastructure and developer-tools vendors are moving from an AI headwind to a tailwind. Cloudflare, Palantir, Datadog, Twilio and Atlassian have drawn greater investor attention; traditional SaaS application vendors still need to prove clear AI benefit. Callahan notes AI commercialisation is extending from model training into inference, agents and automation. Cloudflare disclosed non‑human traffic now exceeds human traffic and said machine‑generated requests should grow rapidly if current trends persist. That suggests AI can be demand‑accretive for platforms that carry data, APIs, network traffic, security and developer tools, since more agents and higher call frequency can create direct revenue opportunities. Software is therefore bifurcating: AI upside increasingly depends on whether a company sits at the application layer or the infrastructure layer and on its ability to monetise AI traffic.
