AI-Driven M&A and Platform Risk: How Systems of Record Are Becoming Defensive

Tomasz Tunguz analyzes how incumbent software companies are adopting defensive strategies to protect their data assets amid the AI revolution, particularly through acquisitions and API restrictions. The shift represents a departure from previous software eras where platforms built ecosystems; instead, companies are increasingly hampering data access to prevent competitors from leveraging their information. This dynamic creates significant platform risk for startups dependent on major partners.