The Intelligence Investment Brief

In this episode, Fredrik breaks down the massive structural shifts occurring in the 2026 global stock market. With nearly $1 trillion wiped off software valuations recently, Sandvall investigates the re-pricing effect of AI. He argues that while traditional Software-as-a-Service (SaaS) models are struggling due to their reliance on human labor and per-seat pricing, the market is aggressively rewarding companies that control the physical and technical infrastructure of AI, like cloud computing, cybersecurity, and semiconductors.  KEY TAKEAWAYS The market is punishing ‘workflow’ companies (SaaS) that monetise labor and human headcount, while rewarding ‘infrastructure’ companies that monetise outcomes and compute power. Giants like Microsoft and Oracle remain ‘durable’ because their deep enterprise integration makes them extremely painful and expensive for businesses to replace. AI isn't just a software upgrade; it’s a tool that allows small teams (e.g., five people) to operate with the output of fifty, fundamentally changing corporate value structures. Investment is shifting toward the ‘plumbing’ of the digital world, semiconductors, data storage, and energy supply, all of which are essential for AI to function. BEST MOMENTS "AI is not just disrupting industries; AI is re-pricing and exposing things that were usually linked to labour. It’s re-pricing how labour is contributing to production." "The question is: Can you monetise an outcome, or do you monetise the labor? Right now, with AI amplifying everything, I would rather pay for an outcome than the man-hours spent on it." "Like any city without the plumbing, it’s not the right place to be. AI plumbing is here to stay." "Software is a feature, not a platform. With AI, things like digital signatures become a functionality that is easy to work around and build yourself." "Capital leaves footprints, and it takes long before headlines explain them. Usually, no one is trying to analyse what it actually means underneath the big red titles on the screen." Books by Fredrik Sandvall Options Strategy: Build to Keep. Ready to Sell Tomorrow. For founders and CEOs who want businesses that compound in value, stay under control, and are always sale-ready. ⁠https://amzn.to/4pwVhoi⁠ The Abyss of Finance: Trust, Leverage and the Cycles of Collapse For investors and leaders who want to understand why financial systems break before they do. ⁠https://amzn.to/3YsRKfI⁠ About the Podcast Invest in You is a global podcast where entrepreneur and investor Fredrik Sandvall shares practical ideas and conversations with founders, investors, and operators. Episodes focus on investing, entrepreneurship, and building long-term control and freedom. Occasionally joined by his sons Ivan and Charlie, the show offers both experience-based insight and a next-generation perspective. Listeners in 155+ countries tune in to think clearer, act smarter, and build with intent. Community & Contact Podcast community: https://bit.ly/4jxF94k Fredrik Sandvall LinkedIn: ⁠https://www.linkedin.com/in/sandvall/⁠ Facebook: ⁠https://www.facebook.com/FredrikinLondon/⁠