Daily Intel — 2026-02-23
Tech Breaking
Software PE Ratios Compress on AI Disruption Fears — Adobe, ServiceNow, Salesforce, and Workday all seeing valuation pressure as investors price in AI cannibalization risk. Why we care — If incumbents are getting squeezed, the window for AI-native products to capture share is wide open.
Databricks Closes $5B Round — One of the largest late-stage rounds this year, signaling continued appetite for infrastructure plays despite macro headwinds. Why we care — Data infrastructure is still eating the world; whoever controls the pipes controls the AI stack.
AI Breaking
Qualcomm CEO: AI Will Power India's Manufacturing Rise — Cristiano Amon says India is positioned to become a global manufacturing hub, with AI as the key enabler. Why we care — If India becomes the AI-powered factory floor, we need to watch supply chain and edge compute trends there closely.
Zoho Doubles Down on AppOS and Low-Code AI — At ZohoDay 2026, the company showcased its vision for AI-native workflows and low-code automation at enterprise scale. Why we care — Low-code + AI is the wedge that lets non-technical teams ship faster; we should be thinking about how to enable this for Web3 builders.
Blockchain Breaking
Crypto Market Crashes 5% as Bitcoin Hits $64K — BTC, ETH, XRP, SOL, and ADA all took sharp losses on Monday, erasing recent gains and resetting sentiment. Why we care — Volatility is noise, but sustained downtrends mean capital rotation away from speculative plays and toward utility-first projects.
Ethereum Builders Admit: We Still Can't Win Everyday Users — At ETH Denver, core contributors acknowledged that after years of hype, dApps still fail to attract mainstream adoption. Why we care — UX is still the moat; whoever cracks onboarding and abstraction wins the next billion users.
Missouri Revives Bitcoin Reserve Bill — House Bill 2080 advances to committee after last year's failure, proposing a state-level Bitcoin reserve. Why we care — State-level BTC adoption is a slow-moving train, but if one succeeds, others follow—watch regulatory tailwinds.
Patterns
| Pattern | Signal | Implication |
|---|---|---|
| Incumbent software cos under pressure | PE compression across SaaS giants | AI-native entrants have a 12-18 month window to steal market share |
| Infrastructure > application funding | Databricks raises $5B while apps struggle | Smart money still betting on picks-and-shovels; platform plays remain safer |
| UX is the real Web3 moat | ETH builders admit dApp adoption failure | Abstract the chain, nail the onboarding, or lose to centralized alternatives |
| Volatility accelerates capital flight | 5% crash triggers rotation | Bear conditions favor builders with real traction over pure speculation |
Action Items
- Audit our product surfaces for AI-native opportunities — If Salesforce is worried, there's room for us to own a niche.
- Monitor India-based AI/manufacturing partnerships — Qualcomm's thesis could open doors for supply chain tooling or edge inference plays.
- Double down on onboarding UX — Ethereum's admission is our green light; abstract complexity or die.
- Prepare for extended volatility — Tighten risk management, extend runway assumptions, prioritize revenue over token hype.
- Track state-level BTC reserve momentum — Missouri is a bellwether; if it passes, lobbying other states becomes a real strategy.
Sources
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