The Age of Composable Software
Research Rundown #165, plus new memos on Komodo Health, Anysphere and more.
Research Rundown
Software. From the up-and-coming disruptor to the dominant world-order to, very quickly, being on the chopping block of disruption. Predictions about the death of software are around every corner. But we believe the rumors of the death of software are greatly exaggerated. In our latest piece, we unpack the history of software’s evolution from monolithic code bases to modular building blocks, and finally arrive at how AI could unlock the age of composable software.
In the past, software has often evolved along the lines of a trade-off between customizability and cost, with cost always coming out on top. Personal computers were anything but personal, and most software is built within the framework of “one codebase to rule them all.” But AI so effectively lowers the cost of software production that it begs the question: what would software look like if it could be infinitely customizable? What if you can create software to serve the needs of an end-market of one?
In this piece, we answer that question.
Komodo Health is converting America’s healthcare chaos into a unified, analytics-grade map of human outcomes. Check out the full memo here to learn more.
Anysphere turns software development into a continuous conversation between engineer and model. Find out more in our memo here.
SpaceX is reportedly in discussions for a secondary share sale that would value the company at approximately $800 billion, cementing its status as the most valuable private company in the US. This new valuation would be double its previous $400 billion mark and comes amid talk of a potential IPO in late 2026.
In a significant policy shift, the U.S. government has authorized Nvidia to export its advanced H200 AI chips to China, reversing previous trade restrictions. Under the new arrangement, the federal government will collect a 25% tax on these sales.
Australia has enforced a world-first law banning children under the age of 16 from holding accounts on major social media platforms like TikTok, Instagram, and Snapchat. Tech companies now face fines of up to A$49.5 million if they fail to prevent underage users from accessing their services.
OpenAI has declared an internal “code red” and accelerated the release of GPT-5.2 to Thursday to counter the recent success of Google’s Gemini 3 model. The update focuses on restoring OpenAI’s lead in speed and reasoning capabilities rather than introducing new consumer features.
Oracle shares crashed over 10% on Thursday after the company missed revenue expectations and shared estimates predicting a majority of future revenue coming from OpenAI alone, sparking broader fears about the sustainability of heavy AI infrastructure spending. The sell-off dragged down other major AI-related stocks, including Nvidia and CoreWeave, as investors reassessed the sector’s near-term growth.
A report from the Information alleges that Chinese AI startup DeepSeek used a complex smuggling network to acquire banned Nvidia Blackwell chips for training its latest AI model. Nvidia has denied knowledge of this activity, which reportedly involved dismantling servers in overseas data centers to bypass export controls.
Boom Supersonic has raised $300 million to manufacture natural gas turbines derived from its aircraft engine technology for data center power. The company secured a deal to sell 29 of these turbines to Crusoe Energy for $1.25 billion to support the massive energy needs of AI computing.
Rivian unveiled its own custom semiconductors and a new autonomy platform that integrates Lidar, signaling a major strategic shift to reduce reliance on external chip suppliers. The company also hinted at future plans to enter the robotaxi market using its new “large driving model” technology and announced the planned integration of AI assistants to cars in 2026.
On Thursday, Disney and OpenAI announced a partnership that will integrate Disney’s intellectual property, including Marvel and Pixar characters, into the Sora video generation platform. As part of the deal, Disney is reportedly making a $1 billion equity investment in OpenAI.
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