Skin in the game: how to build vertical AI that survives

Foundation models are eating software from both ends. Here are some notes on where the value actually lives, and how to build something that lasts. Nearly $1 trillion was wiped from software and services stocks in a matter of weeks. FactSet dropped from a $20B peak to under $8B. Thomson Reuters shed almost half its market cap in a year. Anthropic, OpenAI, and Google are verticalizing fast. They…