Discussion

• @chris_ciaccia Chris Ciaccia on x

  Claude released a legal plugin

• @lizthomasstrat Liz Thomas on x

  Software's forward 12m P/E has compressed from 33.1x to 23.2x, multiple contraction of 30%. Valuations are now approaching the 2022 and Covid lows... [image]

• @buccocapital @buccocapital on x

  Me: software sellers must be getting exhausted Software sellers: [image]

• @firstadopter Tae Kim on x

  What's going on? [image]

• @thegeorgepu George Pu on x

  Nasdaq dropped 2.3% today because Anthropic added enterprise plugins to Claude. The market finally sees it. SaaS is dead.

• @kwharrison13 Kyle Harrison on x

  The SaaS oversell right now will go down in history alongside other recent market overreactions like DeepSeek wiping out $2 trillion of market cap or Meta losing 2/3 of its value at one point over VR investment fears.

• @berman66 Andy Berman on x

  Anthropic released Claude Cowork legal plugins and the stock market melts down.  There are hundreds of verticals like these, and plugins will disrupt each of them one-by-one.  Secure access to tools like Cowork is going to change how every company operates.  Oh, and RIP billable …

• @dorialexander Alexander Doria on x

  but i had been told harvey was a masterpiece of vc kingmaking. [image]

• @lisaabramowicz1 Lisa Abramowicz on x

  Disruption is a feature of the tech cycle, but ruptures have big ripple effects. Private credit is taking a big hit from its software exposure, for example. Software now accounts for about 20% of investments in BDCs compared to around 10% in 2016: Barclays https://www.wsj.com/...…

• @saxena_puru Puru Saxena on x

  The market is selling AI stocks because “AI is an over-hyped bubble”... ...and selling software stocks because “AI will kill software vendors.” AI is still early innings and not all software companies are going out of business, some vendors already showing accelerating growth.

• @jerrycap @jerrycap on x

  pretty soon the AI stocks will go down because they sell to software stocks

• @garrytan Garry Tan on x

  Software is not dead. SaaS without agents may suffer, but Agent SaaS is alive, well, and winning

• @thestalwart Joe Weisenthal on x

  Private credit funding the the AI datacenters that are disrupting the software companies owned by private equiity.

• @erikbryn Erik Brynjolfsson on x

  2011: Software is eating the world 2026: AI is eating software. https://finance.yahoo.com/...

• @ericosiu @ericosiu on x

  All SaaS revenue is trending to zero. AI agent revenue will take over. You're better off giving SaaS away for free today as lead magnets and then upselling product qualified leads to managed AI agents where you have forward deployed engineers customize. Using @openclaw has made

• @hedgevision @hedgevision on x

  Relentless selling in SaaS “I ask clients, 'what's your hold-your-nose level?' and even with all the capitulation, I haven't heard any conviction on where that is. People are just selling everything and don't care about the price.” -Jefferies Trading Desk, Jeffrey Favuzza [image]

• @stevehou Steve Hou on x

  Market is experiencing what economists call “Knightian uncertainty”. The entire framework of what's true is coming under question bc of AI. The entire edifice of the “software infrastructure” has come under question and it feels as though the only certain thing is physical

• @buccocapital @buccocapital on x

  If you're wondering how low software can trade, you don't have to look far into the past Looks like the indiscriminate vomiting will continue today. And tomorrow. And the next day. No need to be a hero [image]

• @cashflow_cowboy @cashflow_cowboy on x

  My timeline generally his a skew towards technology related topics and companies, but the SaaS hate/dunking on here is pretty spectacular. I'm struggling to think of any FinTwit era with so much commentary on a sector drawdown.

• @daniellefong Danielle Fong on x

  Software ate the world. And now, software is eating software

• @andreassteno Andreas Steno Larsen on x

  The death of the (software) services economy

• @lisaabramowicz1 Lisa Abramowicz on x

  UBS analysts this week estimated that private credit could see default rates surge to as high as 13% if the software disruption is “aggressive.” https://www.bloomberg.com/...

• @kimmonismus @kimmonismus on x

  The end of SaaS thanks to AI is real, via Bloomberg The AI boom is sparking a selloff in software-company loans, with prices plunging as investors fear tools like advanced AI coding agents could make parts of the sector obsolete. [image]

• @quantian1 @quantian1 on x

  Before adjusting for SBC, there are 18 US software companies trading above an 8% FCF yield (highest = 16%, average = 11%). After adjusting for SBC, there are zero. What a terrible industry to knife catch LMAO.

• @arthur0x Arthur on x

  Potential generational rotation from software to hardware companies in play now in the stock market.

• @8teapi Prakash on x

  If you don't get it... SaaS companies will have to reduce SBC. They will do this by firing employees. I expect a bloodbath, 25% reductions this year, 80% through the cycle. Revenues will also grow of course, but the problem is that AI firms are much more capital efficient.

• @thestalwart Joe Weisenthal on x

  Now today it's data providers linked to the legal services space that are getting obliterated thanks to Anthropic. Super ugly when you zoom out as well. Total cliff crop over the last year. https://www.bloomberg.com/... [image]

• @hedgevision @hedgevision on x

  Software is at its most oversold level since 2018 based on RSI [image]

• @byrnehobart Byrne Hobart on x

  Due to an editing error, today's newsletter casually mentioned that the selloff in enterprise software is overdone. I intended to say that on a day when IGV wasn't down more than 5%.

• @thestalwart Joe Weisenthal on x

  SAP down another 2.6%

• @aakashgupta Aakash Gupta on x

  Goldman just told every SaaS CEO their business model has a five-year shelf life and the market hasn't repriced accordingly. The headline number is $780 billion in application software by 2030, 13% CAGR. Sounds like growth. But agents capturing 60%+ of that economics means the

• @thetranscript_ @thetranscript_ on x

  When you see the drawdown on your saas stock: [image]

• @killaxbt Killa on x

  Something interesting is happening with $BTC... Most of us are familiar with Bitcoin's clinical market cycles. Historically, bear markets last about 365 days, and by that metric we're roughly 1/3 in. What's different this time is speed. Price is dropping faster than usual, [image…

• @jimcramer Jim Cramer on x

  Memo to Michael Saylor, we think that $73,802 is the line in the sand for bitcoin. Time to do another zero coupon convert and stop this decline. Strategy's earnings depend upon it and what will you talk about when you report Thursday. Let's get this done!

• @jimcramer Jim Cramer on x

  Oh my, bitcoin $73,820 beckons as the Dow hits a record high. Our chartist last night said this is it, the level that cannot be breached. It is time for Strategy, also known as Mister for its MSTR, symbol to do a spot secondary or a convert and stop this decline. Come on Mike!

• @cryptofergani Crypto Fergani on x

  Since Trumps inauguration BTC is down 33% Serious alts are down 50-80% Clown alts are down infinite Crypto president my ass

• @tedpillows Ted on x

  $BTC dropped below the April 2025 lows yesterday. Since then, buyers have stepped in, but Bitcoin looks weak now. Until BTC reclaims the $80,000 level, any pump will most likely be retraced. [image]

• @gertvanlagen Gert van Lagen on x

  $69k remains unlikely. After a bull-market high is broken, price never retested it before the blow-off. [image]

• @gordongekko Gordon on x

  Bitcoin hit $72,884 Lowest since November 6, 2024. Before Trump won. Before the ETFs took off. Before Strategy went all-in. We just erased 15 months of gains. And you know what? THIS is where the real money gets made. Not at $126K when CNBC says buy. At $72K when they say

• @3orovik Borovik on x

  Bitcoin bottomed at $73,000 (I hope) It's already back to almost $77,000 I am getting so bullish!! [image]

• @jasonpizzino Jason Pizzino on x

  Failed Bitcoin Narratives: - M2 Money Supply - Global Liquidity Index - Super Cycle (2021) - Super Cycle (2025/26) - Extended Cycle - 5-Year Cycle - Must Have A “Blow-Off” Top - Crypto President - Infinite Money Glitch - Tesla Buys BTC - El Salvador, legal tender - DeFi Summer -

• @cryptomichnl Michaël van de Poppe on x

  #Bitcoin did sweep the lows of April. Remarkably: - Most volume was generated during that sweep. - The government shutdown ended immediately after. I think that we'll consolidate slightly here, find ourselves a higher low, and rally to $82-84K from here. [image]

• @bitcoin_teddy @bitcoin_teddy on x

  We have a Pro Bitcoin President, Pro Bitcoin Vice President, Pro Bitcoin SEC Chair, and Pro Bitcoin CFTC Chair Countries are buying, Saylor is buying, Big Banks are buying, Everyone is buying... Then why do prices keep going down??? [image]

• @mrcryptoxwhale @mrcryptoxwhale on x

  I'm beginning to believe Bitcoin might eventually lose all its value. Right now, I can't see a convincing case for anyone to keep holding it.

• @intocryptoverse Benjamin Cowen on x

  *#BTC just dropped below the April 2025 low.* If it does not bounce soon, this is going to be one hell of a midterm year. If it can bounce, it gives us a few months and gets us closer to October without so much bad price action (likely the bottom in time). I feel like the bear [i…