$Zscaler(ZS.US) dipped slightly, while $Accenture(ACN.US) rose a bit — two different fates for software and IT services in the AI era are unfolding.
The valuation logic for cybersecurity SaaS is being downgraded from "high growth" to "defending existing market share," with new AI-native players competing for budgets; $Accenture(ACN.US), however, has revitalized its old business through AI consulting deals.
Tool sellers fear being replaced by AI, while service sellers rely on AI to raise prices — which kind of moat is more durable? I bet on services; client relationships are harder to replicate than code.
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