美国软件：Raimo综述——描绘跨子行业的软件增长与盈利光谱

While AI infrastructure vendors continue to post industry-leading growth, software remains a tale of two markets. We analyze how growth, profitability, and Rule of 40 metrics vary across sub-sectors, highlighting the beneficiaries of AI spending and the mature segments leveraging efficiency. Starting off with growth, we highlight the fastest growing segments as of 1H26 being AI Infrastructure Software, DevOps/Project Mgmt, and Big Data, with the slowest growing segments being HR/Payroll/Back-Office, Design, and Front Office. This broadly reflects where we have seen AI spending accrue to date, with infra/compute-oriented vendors monetizing demand as enterprises build out capacity, while application software vendors are still in the earlier stages of translating adoption to revenue acceleration. Using Adjusted Operating Margin as our profitability anchor, excluding AI Infrastructure, Design, Mega Cap, and HR/Payroll/Back-Office stand out as the highest scoring segments, while Vertical Sa