Is software a “lost industry” with the AI revolution? Steven Wieting explains the SaaS-pocalypse and examines the dispersion of AI’s impact; he likes cybersecurity still. He thinks energy and utilities will be the strongest sectors of the year, mostly from powering AI. Steven also continues to see strength in semiconductors, though he notes “a lot of idiosyncratic risk” in Nvidia (NVDA). He highlights the Alerian MLP ETF (AMLP) as a potential opportunity.