Holden Spaht on AI as Software's Biggest Opportunity in 25 Years

Holden Spaht, managing partner at Thoma Bravo, says AI is the biggest opportunity for enterprise software in the firm's 25 years, arguing the model itself is becoming a utility while the real value lives in domain and context. He discusses the shift from systems of record to systems of action, software margins, and a more active dealmaking pipeline. He speaks with CNBC's David Faber and Seema Mody on Squawk on the Street at the New York Stock Exchange.