Inference wins, narratives rotateSemis Rip While Software SinksMarkets are once again rallying on semiconductors, while software is being treated as yesterday's trade. Capital continues to crowd into compute, memory, and infrastructure names as visibility around AI capex remains strong. Software, by contrast, is acting like a funding source as investors rotate toward assets with clearer near-term demand signals.The takeaway is not that software is broken, but that timing matters. In this phase of the cycle, ...