Drew Cohen Tells Us Whether Software Stocks Are Dead (Agents, Models, Moats, and More)

Enterprise software's AI "death" risk is overstated; the real fight is over who controls the AI interface layer, not who writes the code.

• The 'outer harness' is the real battleground: Cohen argues control of the AI interface layer (permissions, governance, routing to sub-agents) matters more than raw model quality, and ServiceNow and Microsoft are best positioned to own it.
• In-house AI replacement is largely a myth: Enterprises building their own Salesforce/ServiceNow substitutes via vibe-coding is rare in practice; Starbucks' internal CRM/inventory push has reportedly struggled despite ~$400M/year software spend.

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