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VC10X Pulse - The Great AI Rotation: From SaaS to Semiconductors and Power
· 5:05
Episode VC10X Pulse - The Great AI Rotation: From SaaS to Semiconductors and Power
Over the past several weeks, nearly $1 to $2 trillion in market value has been erased from software and SaaS equities.
At the same time, semiconductor foundries and data center infrastructure companies are demonstrating relative resilience, and in some cases outperforming.
This episode examines whether we are witnessing a temporary correction or a structural repricing of the AI technology stack.
We break down:
• The 20 to 25 percent correction in the S&P 500 Software & Services Index
• Why AI-native tooling, including developments from Anthropic and other model providers, is pressuring traditional SaaS assumptions
• The resilience of advanced-node manufacturers like TSMC
• IonQ’s acquisition of SkyWater Technology and what it signals about vertical integration and domestic manufacturing • The accelerating build-out of power and cooling infrastructure, with companies like Vertiv benefiting from AI-driven density requirements
• Where durable value may accrue across the AI stack
For allocators, venture investors, and operators, this is less about short-term volatility and more about capital rotation.
The key question is no longer whether AI is real.
It is where long-term value concentrates:
Application layer
Compute layer
Physical infrastructure enabling it
If you allocate capital across technology, public or private, this is a critical moment.
Subscribe to VC10X for in-depth conversations with leading fund managers, founders, and LPs navigating the next phase of the AI cycle.
LINKS
Prashant Choubey - https://www.linkedin.com/in/choubeysahab
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Let us know in the comments:
Is software experiencing temporary multiple compression or structural repricing?
#AI #VentureCapital #SaaS #Semiconductors #DataCenters #TechInvesting #CapitalMarkets
Links in the notes 6
Transcript
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