Software Institutional Equity Research January 6, 2025 2025 Picks – a Year of AI Software Infrastructure We see 2025 as a year driven by the growth of AI infrastructure software. We believe the rotation from AI hardware to AI software infrastructure is already happening and that the rotation into AI applications may not happen until 2026. This informs our focus for 2025 on SNOW, DDOG, FROG. Our focus on CVLT, PHR, and ZETA is based on each company's unique growth setup into the year compared to expectations ...