PitchBook：2026年高级软件发布报告：投资大AI利润超级周期（英文版）

The SaaS-pocalypse opportunity: The market’s current punishment of SaaS valuations is temporary. The transition to digital labor will replace traditional seat-based licenses with usage- and outcome based SLAs, drastically expanding margins through zero-marginal-cost digital labor fleets. 2. The ultimate moat: Investment focus must shift away from the foundational LLM layer and toward the proprietary AgentOps layer. Software companies that successfully capture human-in-the-loop error correc