Infrastructure Software is 'Place to Be' Amid AI Trade, Says Fatima Boolani
TL;DR
Fatima Boolani, Co-Head of US Software Equity Research at Citi, calls infrastructure software the preferred spot in the AI trade. In a Bloomberg Technology interview on July 8, 2026, she links the recent tech selloff with a sharper focus on the software layer behind AI adoption. That points to vendors in cloud, data, security, observability, workflow automation and developer infrastructure, the tools that make AI usable in companies.
Nauti's Take
Boolani's argument makes sense, but it is not proof of the next winner list. Infrastructure software is the less glamorous part of the AI boom: fewer demos, more admin consoles, data pipelines, permissions and cost controls.
That is where enterprise AI either becomes normal work or stalls after pilot projects. The caution: many software vendors attach AI to the narrative before investors can see how much new revenue it actually creates.
Briefingshow
The AI trade often centers on chips and models, but companies also need the software layer that connects AI to real systems. After a tech selloff, investors tend to care more about budgets, integration, security and recurring revenue. Infrastructure software benefits if AI projects move from pilots into daily production.
Sources