The SaaS carnage is confusing for this simple premise: If AI is going to commoditize all of SaaS, then why isn’t the market rotating heavily into Semis and Hyperscalers? If Anthropic were to destroy $CRM and $NOW, I’d imagine we need tons of compute. More than we can fathom if agents take over hundreds of billions of marketcap for SaaS companies. Yet, the market is selling off SaaS AND AI names which doesn’t seem to make sense if all the demand for the SaaS carnage will lead to AI growth. Also, how is AI a bubble if we are talking about massive enterprise software companies being decimated by AI? The entire logic behind the selloff feels more like forced, structural rotation without a pure reason for why the rotation is happening. From Goldman: “The forward P/E multiple for software has declined from 35x in late 2025 to 20x currently, representing the lowest absolute level since 2014 and the smallest premium to the average S&P 500 stock since 2010.”