1752 ET - Investors in the secondary market for private-equity-fund stakes are changing how they evaluate potential software investments, often "shifting capital to other opportunities while they wait for greater clarity on disruption of business models and valuation" by artificial intelligence, according to a Lazard market survey. The vast majority, or 91%, of respondents cited "proprietary data advantages and network effects not easily replicated by AI" as the main defense a software company could have against the threat of AI rendering its products obsolete, the investment bank says. "Only 4% of survey respondents noted no change in their approach to software" this year through June.