Cambrian Capital's @_Lonis_ explains why he's extremely bearish on software stocks, as AI labs develop internal models far more powerful than anything they release publicly: "We’re super bearish. We’re hyper bearish. If you remove the memory companies, most of the enterprise value in AI currently is just software companies. Chip designers and networking designers. It’s just the first thing the labs will compete with." "There will be this larger and larger chasm between the quality of the models they’re able to release externally and the ones they have internally. They will just have way better models internally that they’ll use to design better chips. It’s very hard to compete with that for any software company." "These software companies are trading at way higher multiples than the physical parts companies. Going forward, we really don’t see that making sense. If you have physical inputs and you need to reinvest, at least you’re worth the higher multiples because you have some type of moat."