J P M O R G A N North America Equity Research 13 August 2026 Software Industry Thoughts and Rank Order: AI Disruption Concerns Present Compelling Opportunities in Relation to Both Growth and Inexpensive Valuation In this report, we are outlining some of the key themes we believe are most relevant for investors in Software and AI infrastructure companies in our coverage, as well as our updated thoughts on the rank order within the coverage companies. With AI-led disruption being top-of-mind for investors wit ...