I agree @Mujo. Like a lot of things, AI is both a threat and an opportunity. And the market seems very focused on the threat part right now.

But like you i see the network effects as the key "asset". In fact, I can see how AI just becomes an added layer on top of what existing SaaS platforms provide, not a wholly separate competitive threat, but an augmentation for existing services.

It'll be interesting to see it unfold.

If a lot of the negativity proves unfounded or overblown, and im sure at least some of it will, making a strong case for value is still not straightforward.

Consider the 52-week high to low for the following:

Technology One - 45%, ProMedicus -52%, Wisetech -60%, Rea Group -35%, Car Sales - 39%, Xero -43%, Atlassian -65%, Netflix -40%, Oracle -55%, Microsoft -25%

It's the SaaSpocalypse!

(it sure makes Bitcoin's fall feel a lot less lonely, let me tell you)

The wild thing is, earnings multiples for many of these stocks are still well up there. So while my inner bargain hunter relishes the thought of falling prices, it doesnt seem unimaginable that prices could fall lower still.