Lazard：2026人工智能对科技并购的影响研究报告（英文版）（65页）.pdf

1、C O N F I D E N T I A LC O N F I D E N T I A LLazard Technology AdvisoryAI IMPACT ON TECHNOLOGY M&A SECOND EDITION2 0 2 6Note on Edition 2.0:Post-Hype,Deployment EraL A Z A R D T E C H N O L O G Y A D V I S O R Y The first edition of Lazards AI Impact on Technology M&A from August 2025 explored the

2、potential of Generative AI and its emerging impact on M&A Edition 2.0 is written amid a market reckoning over AIs impact on the software ecosystem The key question remains whether we are witnessing a structural decoupling of valuations-AI Beneficiaries and Systems of Record enjoy strong investor and

3、 strategic interest,while Workflow Wrappers face existential risk Edition 2.0 outlines an updated view of the Agentic Era,where value is defined by proprietary data,workflow complexity,domain expertise,deterministic models and business model adaptability We appreciate the contributions from Ramp and

4、 Tropic,who shared proprietary data for this report2Executive SummaryL A Z A R D T E C H N O L O G Y A D V I S O R YTHE GREAT SAAS BIFURCATION Though public markets broadly penalize software,Generative AI forces a brutal divide “thin wrappers face existential commodity risk,while embedded systems le

5、verage data gravity and compliance moats to absorb labor budgetsAIAI MOATS 2.0 With foundational models converging,sustainable competitive advantage has shifted back to foundational business assets.Strategic value is now defined by proprietary and regulated data,the codification of human tacit knowl

6、edge,and closed feedback loopsTHE MONETIZATION TRANSITION As the market moves from peak hype to the deployment era,traditional seat-based pricing is under siege and incumbents explore new pricing models.THE INCUMBENT ADVANTAGE Despite the agility of AI-native startups,legacy software leaders possess