摩根士丹利研报指出，市场近期对软件产业的悲观看法已经过头，虽然AI浪潮让市场资金集中流向芯片、云端基础设施及网路安全领域，但软件企业的长期竞争力与商业模式仍具吸引力。大摩维持软件产业具吸引力评价，并点名微软、Palo Alto Networks、CrowdStrike、Cloudflare、Datadog、ServiceNow、Snowflake及Shopify为AI 时代最具信心的超配标的。大摩分析师Adam Wood在最新报告中提出Moat & Journey分析框架，从企业竞争护城河(Moat)及AI发展历程(Journey)两大面向，评估软件公司的长期成长潜力与竞争优势。他认为，上述8家公司兼具稳固的市场地位、可持续的营收模式及AI商业化能力，因此最值得投资人长期布局。
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