The latest report in Carlsquare's data software series presents key M&A takeaways from this June’s two anchor events: the Snowflake Summit and the Databricks Data + AI Summit. The market’s center of gravity is shifting from where data is stored and processed to where it is given meaning, governed, orchestrated, and priced for autonomous AI use. Key themes include how the economics of AI have changed, creating a genuinely new software category around AI spend governance, model routing, and value attribution; how context is becoming the moat, making independent semantic, catalog, and metadata assets highly sought after; why agent orchestration, agent identity and AI security are emerging as fundable sub-categories; and how governance is becoming core infrastructure, making vendors with credible compliance footprints disproportionately valuable. Regarding M&A impact, a widening buyer pool is converging on sought after data platforms, opening the window for well-positioned independents to transact on favorable terms. This is the fourth report in the series on the Modern Data Software Landscape.