Clouded Judgement: AI Training Environments as Infrastructure

The article argues that the next wave of AI infrastructure will center on building dynamic training environments and middleware that allow agents to learn from real-world enterprise workflows, rather than static datasets. It includes a comprehensive analysis of SaaS company valuations, showing that the median cloud software company trades at 5.1x NTM revenue with significant variance based on growth rates, and provides operating metrics benchmarks for the sector.