AI software has redistributed the sector’s implied multiple. Software now represents a dispersion trade, not a directional beta trade. As the sector’s total delta loses importance, name-specific alpha has come to the fore. Premiums are now priced in for pricing power, proprietary data, distribution moats, and inference economics. Terminal growth assumptions have been re-discounted, duration has shortened, and the valuation regime has shifted. Future returns will come not from buying the index, but from selecting the right company.