While public stock volatility in 2026 suggests an element of panic surrounding software companies, the reality on the ground in M&A tells a story of healthy normalisation. The market is certainly sorting into distinct tiers of disruption, and software businesses with deeply rooted enterprise moats and a clear path to integrating AI agents continue to trade at solid historical multiples—proving that software is not dying; it is simply being rewritten for the next decade of growth.
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