Dumb Money

The worst software businesses are smart. The best ones are dumb. Let me explain. There’s been ongoing debate of where value accrues in the AI era. Many believe it accrues to the app layer! YC: Vertical Agents could be 10x bigger than SaaS Aaron Levie : “As cost of intelligence drops, value accrues to the app layer” USV : “The internet stack is composed of … fat applications.” Foundation Cap:…