Unpopular opinion: The hardware hype is distracting us from the SaaS recovery

As founders, we've spent the last two years watching capital flood into AI infrastructure while SaaS multiples got crushed. It's been a brutal environment for raising or exiting.

But there is a subtle shift happening in the public markets that might signal a improved environment for software builders in late 2026. I was analyzing the recent 13f Cathie Wood disclosures, and the rotation is distinct: she is aggressively liquidating "consensus" hardware winners to re-allocate into beaten-down software platforms.

Regardless of what you think of her fund's performance, this institutional pivot from Hardware to Software is the exact signal we need for private valuations to expand again.

Are you seeing this sentiment shift in your sector yet, or are VCs still only obsessed with the infrastructure layer?