**[Goldman Sachs: Software Stocks Begin to Reap AI Dividends]** BlockBeats News, August 12 — Goldman Sachs TMT trading expert Peter Callahan pointed out that following this earnings season, the AI narrative within the software sector is undergoing a shift. Previously, the market was more concerned that generative AI might weaken the moat of traditional software companies. However, areas like data infrastructure and development tools have started transitioning from "AI headwinds" to "AI tailwinds," drawing increased attention to companies such as Cloudflare, Palantir, Datadog, Twilio, and Atlassian. In contrast, whether traditional SaaS application companies can establish an equally clear logic for benefiting from AI remains to be seen. The underlying change is that AI commercialization is expanding from model training to inference, agents, and automation applications. Cloudflare disclosed that non-human traffic has already surpassed human traffic and predicts that if the current trend continues, machine-generated network requests will grow rapidly. This suggests that AI is not necessarily just a substitute for software companies: for platforms that handle data, APIs, network traffic, security, and development tools, the increase in agent numbers and call frequencies could itself become a new source of demand. As a result, the software industry is experiencing a clear divergence: whether AI is a positive factor increasingly depends on whether a company operates at the application layer or the infrastructure layer, and whether it can directly monetize the growth in AI-driven traffic. *(Jin10)*