# The Bridge Ep. 3: When Markets Over-Rotate—and Innovation Doesn’t

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Text version: https://stenobird.com/podcast/the-bridge-by-icapital-7851303/the-bridge-ep-3-when-markets-over-rotate-and-innovation-doesn-t.md
Podcast: [The Bridge by iCapital](https://stenobird.com/podcast/the-bridge-by-icapital-7851303)
Published: 2026-05-06T02:46:05+00:00
Episode link: https://thebridge.icapital.com/e/the-bridge-ep-3-when-markets-over-rotate%e2%80%94and-innovation-doesn-t/
Audio file: https://mgln.ai/e/p1185705/mcdn.podbean.com/mf/web/63mbhxdv2bil0mq2/The_Bridge-Deven_Parekh-Insight_Partners_Final-Podcast_revised.mp4
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Duration seconds: 2228

## Resource

In this episode of The Bridge by iCapital, Deven Parekh, Managing Partner at Insight Partners, joins host Sonali Basak, Chief Investment Strategist at iCapital, to unpack how AI is reshaping software investing — and why the next phase won’t be defined by hype, but by execution, durable moats, and who can adapt at speed. They also explore why “AI vs. non‑AI” is becoming a false distinction, how markets over‑rotate on software sentiment, and what typically stops a runaway cycle: a meaningful miss that shifts demand expectations, tightens capital, and resets valuations.

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## Transcript

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