[coldtea]

In a major (pre-AI-IPO) hype bubble, we can't be sure of any "deeper thing" causing software valuations to fail.

Especially when the economy goes shock after shock unrelated to AI too (tarrifs, a bad economy, unpredictable White House tennants, fears of war).

Valuations are fickle and can reverse course just as well as continue it.

The "deeper thing" is mostly taking what the article says for granted, when it hasn't been happening in any real scale. No real movement of companies getting rid of their Salesforce or Microsoft suite or such just yet - a handful of cherry-picked examples that might have replaced some smaller SaaS with a custom thing with different degrees of success.