He Quantified 200 Years of Disruption | Kai Wu on Separating Software Survivors from Value Traps

Excess Returns · Jun 2, 2026 · 1h 3m

Kai Wu of Sparkline Capital joins Excess Returns to break down his latest research on AI disruption, software stocks, value traps, and intangible moats. We discuss why software valuations have collapsed, why traditional value investing can fail during technological disruption, and how investors can separate potential AI winners from companies whose business models may be permanently impaired.

AI Disruption: Moats and Value Traps

https://www.sparklinecapital.com/post/ai-disruption

Kai Wu on X

https://x.com/ckaiwu

Sparkline Capital

https://www.sparklinecapital.com/

Topics Covered:

Why software…