[key points]

Key points

• •Tech stocks experienced a sharp decline, with nearly $300 billion in market capitalization lost due to concerns about the 'sticky software' economic model.
• •Generative artificial intelligence is challenging the competitive advantage of traditional software companies by reducing reliance on the software interface and putting pressure on prices.
• •The stock market correction also affects private investment firms that have heavily invested in the software sector.
• •Value is shifting towards companies that own exclusive data, are integrated into critical decisions, or become the orchestration layer.