July 21, 2026 04:48 AM GMT Software The Moat & The Journey – Assessing Software Durability + Growth in the Age of AI Software is evolving to address the risks + opportunities from AI, just as it has in prior cycles. To assess implications, we introduce a Moat & Journey framework and come away with conviction on MSFT, PANW, CRWD, NET, DDOG, SNOW, and SHOP and assume coverage of CRM/INTU at EW and ADBE/ WDAY at UW. Key Takeaways With this report, Adam Wood assumes coverage of 9 large-cap software stocks (ADBE ...