This is what getting labeled a “legacy layer” in the AI stack looks like in the market. Drawdown from highs: • $MNDY −84% • $TEAM −82% • $FIG −82% • $HUBS −75% • $ESTC −68% • $ADBE −63% • $GTLB −62% • $U −61% • $ZETA −60% • $WDAY −53% • $CRM −51%