(https://www.cnbc.com/2026/09/09/silver-lake-merges-cegid-silae-ai-software-deal.html) into a 10 billion euro bet on "AI-era software." Translation: PE is desperately trying to build a software moat before the hardware capex cycle normalizes and revenue multiples compress. Mid-market business software—payroll, HR, management—doesn't suddenly get AI-defensible when two mediocre players combine. It gets commodity. The real tell isn't the deal itself.

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