2025年四季度高级计算PE和VC趋势（英）

Advanced ComputingPE and VC Trends VC and PE activity across the advanced computing ecosystem Contents Market scenario3 Institutional Research Group Advanced computing market trends Rudy TorrijosDirector, Industry Researchrudy.torrijos@pitchbook.com Market sentiment versus reality pbinstitutionalresearch@pitchbook.com AgentOps as the new DevOps Published on March 16, 2026 Earnings takeaways Public company commentary Hyperscalers4 Semiconductors4 Power & thermal equipment5 Recommendations to investors7 Advanced computing PE ecosystem market map8 Deal and exit activity9 Market scenario Market sentiment versus reality Advanced computing market trends Our analysis of Q4 earnings transcripts and underlying enterprise spending data rejects the market’s bearishinterpretation of current AI spending trends. Enterprise IT budgets are not contracting due to AI substitutioneffects. They are growing to accommodate a new, additive layer of infrastructure: the enterprise AI stack.The surge in hyperscaler capital expenditure is the necessary physical construction of capacity required tohost this stack. Management commentary from Microsoft, Amazon, Cisco, Google, and SAP confirms thatsupply chains remain constrained and demand is outstripping available capacity. Q4 public earnings triggered a significant sentiment change in valuation and profitability expectationsacross the AI ecosystem in Q1. Hyperscaler capital expenditure shifted from a proxy for future growthto a proxy for margin risk. Likewise, the “SaaS-pocalypse” market event caused investors to devalueexpected software-as-a-service (SaaS) revenue growth as agentic AI is set to presumedly replace it. Q4 earnings commentary from enterprise-focused companies says the opposite. In fact, we are notseeing a contraction in software spending; instead, we are seeing the catalyst for increasing agenticAI infrastructure investments. Employee productivity in revenue-generating activities increaseddramatically in Q4 with the use of generative AI. We see this commentary everywhere, and nowenterprises are ready to deploy agentic systems. This is why investors are seeing the simultaneousexplosion of hyperscaler capital expenditure and the valuation implosion of software vendors that haveyet to explicitly prove they are transitioning to outcome-based business models. The disconnect between the market’s focus on margin compression and the reality of capacityexpansion creates opportunity. SaaS vendors successfully transitioning to outcome-based models tobecome AI agent orchestrators will see their total addressable market (TAM) expand from softwarebudgets into labor budgets. AgentOps as the new DevOps Hyperscaler capital expenditure growth and enterprise acceleration toward labor-replacing “service-as-software” models are the same trend: the physical construction of the agentic AI runtime environment.Consequently, the current valuation volatility in semiconductors, hyperscalers, and softwarerepresents the opportunity for investors and stakeholders to reassess investments in AI computing(semiconductors and datacenters) and AI orchestrators (software) that underpin this massive labor-to-compute technology shift. The prevailing market narrative suggests a “crowding out” effect, where AI investments cannibalizetraditional software budgets, leading to a net-neutral or negative spending environment. Q4 andoutlooks data refute this. We are witnessing the emergence of an additive investment cycle fundedby labor arbitrage rather than IT budget substitution. Enterprises have moved beyond the 2024-2025pilot phase and are entering the 2026 deployment phase. Deployment requires a control plane that didnot exist 12 months ago. This is known as agent operations, or AgentOps. AgentOps encompassesthe observability, security, compliance, and orchestration tooling required to manage autonomousAI agents. This infrastructure is mandatory. Just as development operations (DevOps) became anonnegotiable budget line item during the cloud transition, AgentOps enables the agentic economy. Advanced computing PE ecosystem market map This market map is an overview of PE-backed companies ranked by total capital raised.Click to view the full map on the PitchBook Platform.This market map is an overview of PE-backed companies ranked by total capital raised.Click to view the full map on the PitchBook Platform. Nizar TarhuniExecutive Vice President of Research and Market Intelligence PitchBook providesactionable insights acrossthe global capital markets. Paul CondraGlobal Head of Private Markets Research Report created by: Additional research: Rudy TorrijosDirector, Industry Research Q3 2025 Launch Report:Advanced ComputingDownload the reporthere Q1 2026 Analyst Note:Through the LookingGlass: The Race to BuildEnterprise AI Oscar AllawaySenior Data Analyst Josie DoanGraphic Designer Download the reporthere PitchBook Insightsis an online compendium of in-depth data, news, analysis,