AI vs. Software There's some truth to the weakness in software. Anthropic and OpenAI, despite their $1 Tn silly forecasts, are seeing rapid revenue growth from enterprise. CFOs have budgets. They aren't going to also grow spending on software at the same time. In the short run, a budgetting cycle has a fixed spend (typically a % of revenues). So, a number of SaaS companies will struggle to grow revenues. And the forward EPS estimates are still very high for a number of software companies. The best thing you can do is avoid over-priced software. Ignore the forward PE. Focus on the trailing PE. Look for true value with software that has a high switching cost and deep specialization. Software as a category is not a deep bargain or sale across the board. And, most software stocks do remain over-priced. Lastly, I noticed Citrini got back into software stocks. That probably means the re-test now. ...