JPMorgan Chase: Software Profit Shifts From AI Models to Infrastructure, July 13

According to JPMorgan Chase report on July 13, software profit pools are shifting from the model layer to downstream infrastructure. The bank cited three cases: Starbucks built proprietary AI tools to replace Microsoft and IBM software, Microsoft deployed self-developed MAI models instead of OpenAI and Anthropic solutions, and Meta developed cloud services to sell AI compute capacity.

DigitalOcean's Q2 deferred revenue exceeded $800 million, up 10-fold year-over-year with AI inference comprising a significant portion. Cloudflare reported more than half of its requests come from AI agents. JPMorgan Chase stated model providers face replacement pressure while infrastructure-layer demand remains strong, with enterprise customers gaining increased bargaining power.