The biggest story in stock markets in the past 15 or 20 years has been “software eating the world” — using “software” in a broad sense to include not just literal software vendors such as Microsoft but also internet services companies including Google, Meta, Amazon Web Services, as well as software-intensive hardware companies such as Apple and Nvidia. It strikes me as possible that the biggest market story in the next 15 or 20 years will be “software eating itself” — increasingly autonomous AI machines displacing not only legacy software companies but the cognitive component of all sorts of industries.