Can Software Survive AI?

Exchanges

Goldman Sachs

Business

4.3 • 1.1K Ratings

🗓️ 10 March 2026

⏱️ 15 minutes

🔗️ Recording | iTunes | RSS

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Summary

Goldman Sachs Research’s Gabriela Borges explains how AI disruption has been affecting the software sector and what it will take for the sector to stabilize. For more, also read the related Goldman Sachs Research’s Top of Mind report, Will AI eat software? This episode was recorded on March 10, 2026. The opinions and views expressed herein are as of the date of publication, subject to change without notice, and may not necessarily reflect the institutional views of Goldman Sachs or its affiliates. The material provided is intended for informational purposes only, and does not constitute investment advice, a recommendation from any Goldman Sachs entity to take any particular action, or an offer or solicitation to purchase or sell any securities or financial products. This material may contain forward-looking statements. Past performance is not indicative of future results. Neither Goldman Sachs nor any of its affiliates make any representations or warranties, express or implied, as to the accuracy or completeness of the statements or information contained herein and disclaim any liability whatsoever for reliance on such information for any purpose. Each name of a third-party organization mentioned is the property of the company to which it relates, is used here strictly for informational and identification purposes only and is not used to imply any ownership or license rights between any such company and Goldman Sachs. A transcript is provided for convenience and may differ from the original video or audio content. Goldman Sachs is not responsible for any errors in the transcript. This material should not be copied, distributed, published, or reproduced in whole or in part or disclosed by any recipient to any other person without the express written consent of Goldman Sachs. Disclosures applicable to research with respect to issuers, if any, mentioned herein are available through your Goldman Sachs representative or at http://www.gs.com/research/hedge.html Goldman Sachs does not endorse any candidate or any political party. © 2026 Goldman Sachs. All rights reserved. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	Does AI pose an existential risk to the software industry?
0:09.2	Investors have been grappling with that question leading to profound sell-offs in software
0:14.6	socks this year.
0:16.0	But are their concerns actually merited?
0:18.2	And how can investors sort out the winners from the leasers? I'm Alison
0:21.8	Nathan and this is Goldman Sachs Exchanges. Today I'm joined by Gabriela Borges, who covers the
0:29.6	software sector with Goldman Sachs research. We recently featured Gabriela in our latest
0:34.1	top of my report, which explored these very questions.
0:38.8	Gabriel, welcome to exchanges.
0:40.5	It's a pleasure. Thank you for having me.
0:41.5	I think this is the first time.
0:43.2	So I'm excited to have this conversation.
0:45.8	And it's been a very tumultuous time for the software industry.
0:47.1	So great to have you.
0:49.5	So Gabrielle, let's just set the stage.
0:52.7	Generative AI has been around for several years now.
0:56.1	But the market narrative around AI seems to have really shifted from one of enthusiasm to one of concern, and concern in particular in recent
1:03.4	months about AI disruption risk, with the focus really on your sector, on the software sector.
1:09.8	So walk us through why that is and what made
1:13.1	investors rethink the prospects for software companies? Yeah, absolutely. It's been a really
1:18.5	interesting three months. And if I would pick out a couple of the milestones that really had
1:24.1	investors level up the amount of attention that they were paying to software
	...

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