David Friedberg

And the tool you're referring to, just for the audience, is the AI co-pilots that are contributing 30, 40% to code bases at Microsoft and Google.

Absolutely correct, Chamath.

And the response from the SaaS industry is changing from the per seat model as the number of employees at these companies continues to get lowered.

Obviously, Microsoft, a lot of layoffs.

Andy Jassy talking about layoffs.

They're moving from the per seat model.

They're not taking this laying down.

They know that people are going to make custom software.

So what they're doing is they're moving to a consumption model.

So you're seeing people charge per call, per customer support call, et cetera.

Well, I'll tell you why it doesn't work, Jason.

It's working in combination.

Hold on, hold on, let me finish.

The other thing they're doing is they're dramatically lowering the number of people and the developers they have on their team.

And then a lot of what's happening in the background is the third piece they're doing is they're starting to do roll-ups and people are starting to talk about how can we take 20 of these SaaS companies, lower them just like you're doing to compete.

Chamath, you're the three-part playbook.

We'll see if Intercom, Salesforce, HubSpot, we see if all of those people start Slack, start losing their customer base, or if they lower their pricing to make it just too easy to keep those systems in.

Thomas, your thoughts?

Five by the crate.

You know the market's back.