SaaS

The Seat-Count Collapse

Howard Marks' new AI memo buries its most important observation in a quote from Claude: if 30-50% of structured knowledge work migrates to AI compute, that's $150-250B in annual labor value shifting. The market already priced this in, violently. The SaaSpocalypse erased roughly $1T in

Which SaaS Survives the Vibe-Coding Era?

The S&P 500 software sub-index is down 27% since October. Private equity firms are tripping over each other to downplay their software exposure. The Economist reports $500 billion in software-linked debt lurking in US credit markets. And "SaaS is dead" is having its moment