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The rapid integration of AI into enterprise software is fundamentally altering venture capital strategies and tech valuations. Apple’s trade secret litigation against OpenAI signals a potential cooling of OpenAI’s hardware ambitions, while Meta’s aggressive pricing for Spark 1.1 accelerates the commoditization of AI models. Investors are increasingly pivoting toward late-stage growth rounds, driven by the emergence of companies that reach multi-billion dollar valuations in under five years. However, this shift faces potential TAM ceilings as companies struggle to balance rising token costs with traditional software budgets. Legacy SaaS providers face terminal decay as agentic workflows render older tools obsolete, forcing a reevaluation of capital allocation. Ultimately, the market is transitioning from a focus on early-stage innovation to a high-stakes environment where capital efficiency and the ability to navigate agentic disruption determine long-term survival.