Key takeaways:

• As AI monetization expands from cloud infrastructure to enterprise software applications, companies have been finding success capturing additional revenue with hybrid pricing models.
• This is helping broaden the AI investable universe beyond just cloud providers, creating opportunities across enterprise software companies that can monetize AI through existing customer relationships.
• In our view, platform companies have competitive advantages over single-feature AI startups given their established customer bases and ability to add AI capabilities with hybrid pricing.