Software, we were told, is the cleanest business model on Earth: low marginal costs, recurring subscriptions and loyal customers. The software sector didn't just grow, it ascended. It almost became a religion, complete with prophets in Patagonia vests and believers who treated earnings calls like scripture. And then AI showed up, not as a feature, but as a force. This week, the market is beginning to act like it has finally understood what that means.

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