The AI bifurcation in software valuations gets more interesting when you consider who's driving adoption. OpenAI formed a $10B joint venture with four PE firms to push AI through their portfolio companies; Anthropic partnered with Blackstone for the same purpose. So the firms marking portfolio company valuations are increasingly the same ones mandating the AI adoption that lifts those marks. That feedback loop between owner-driven adoption and owner-reported fair value deserves its own segment.
The AI bifurcation in software valuations gets more interesting when you consider who's driving adoption. OpenAI formed a $10B joint venture with four PE firms to push AI through their portfolio companies; Anthropic partnered with Blackstone for the same purpose. So the firms marking portfolio company valuations are increasingly the same ones mandating the AI adoption that lifts those marks. That feedback loop between owner-driven adoption and owner-reported fair value deserves its own segment.