📉📉📉 SaaS companies are losing 30-86% of their capitalization - the market is overvaluing software in the AI era.
Naval wrote a month ago: "Software was eaten by AI." Back then, it sounded like a provocation. Now it feels like a statement of fact.
The "Software Meltdown" table from @Speculator_io shows the scale: Atlassian has dropped 75% from its all-time high, HubSpot - 69%, Figma - 86%. The average drop across the list is about 77%. And these are not startups - these are companies that all founders prayed for three years ago.
An interesting signal: large companies are starting to abandon Microsoft Office licenses, transitioning employees to Claude for working with documents and presentations.
A fair point: the drop in stocks is currently investor expectations, not a real drop in revenue. But the market usually prices in the future 12-18 months ahead.
