[JPMorgan: Software Profits Are Shifting from Model Layer to Infrastructure] According to Deep Tide TechFlow, citing research from Tide Research, a JPMorgan report on July 13 pointed out that Starbucks has developed its own AI tools to replace Microsoft and IBM software, Microsoft is using its self-developed MAI to replace OpenAI and Anthropic models, and Meta is developing cloud services to sell AI computing power. These three examples collectively illustrate a trend: software profit pools are shifting downstream from the model layer. DigitalOcean's Q2 remaining performance obligations exceeded $800 million, a tenfold year-over-year increase, with AI inference accounting for a significant proportion. Over half of Cloudflare's requests now come from AI agents, and the company has introduced a paywall for web crawlers, opening up a new revenue stream. Morgan Stanley believes that model providers are facing replacement pressures, while demand at the infrastructure layer remains strong but is undergoing structural changes. Enterprise clients are gaining more bargaining power, and the investment logic needs to shift from 'models as winners' to 'infrastructure and intermediary layers.'