VC: The market has oversold software

• The software market is 'absolutely oversold' and not under threat of commoditization from AI.
• Enterprise spend on software is only 10% of overall spend, making AI-driven replacement of core systems a 'high downside, low upside effort'.
• 75% of public SaaS companies have raised prices since ChatGPT's release, indicating robust industry health and pricing power.

Anish Acharya argues that the software market is 'oversold' and not facing commoditization from AI. He believes AI will be used to enhance existing software products, leading to price increases and top-line growth, rather than replacing core enterprise systems.