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Where in the AI stack enterprise outcomes get determined is not where capital has been flowing.
An op-ed argues that roughly $2 trillion in software value has been vaporized over the past year because investors treated model capability as the core competitive question, while Salesforce has signaled that the actual battleground sits at a different layer.
The cost of the wrong question The constraint is one of framing.
When markets price AI competition as a foundation-model race, software company valuations follow model-adjacency rather than the economics of enterprise deployment. That is the thesis error the op-ed identifies.
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