Bessemer's State of AI 2025: from software seats to systems of action

Bessemer's State of AI 2025 makes a blunt claim: there is no cloud without AI anymore. The useful part for investors is not the slogan. It is the map underneath it. Bessemer argues that the early AI market is splitting into a few extreme growth outliers, a broader class of durable AI software companies, and several infrastructure layers that still look unresolved. For AI agent and AI infrastructure investing, that means the next wave may be less about raw model access and more about context, memory, evaluations, permissions, and workflow control.