Goldman's Kash Rangan highlights that - as disruptive as the...

Goldman's Kash Rangan highlights that - as disruptive as the cloud was - incumbent vendors (ex- $Microsoft (MSFT.US)$ ) created 160% of the value vs. new entrants through the cloud cycle, despite being relatively poorly positioned coming into it from a product and business model perspective (all on prem and all perpetual license).

As we look out from the start of the GenAI cycle, today's software incumbents are more product and innovation focused than the past, have better business models, and in many cases are leading their categories in GenAI innovation, with even more scale and wider distribution moats than at the beginning of the prior cycle.