Sambur describes a "multicar pileup" about to happen on the "software investing highway," noting 60% of middle-market buyouts in recent years were in tech/software, creating massive sector concentration. Valuations are disconnected from cash flow, companies borrowed based on future growth projections, and the explosion of AI is creating extreme uncertainty about terminal value and competitive durability. This will lead to a reckoning as capital structures mature. AVOID the middle-market software sector due to failed risk management (over-concentration), unresolved valuation debates, and impending distress as "weaker hands" are forced to sell or restructure. A rapid, broad-based reacceleration of software growth that validates previous high valuations could delay or mitigate the shakeout.