David Gurra

IBM's senior VP, Rob Thomas, was pushing back against this, writing in a blog, and you quote him in your story, that the value of IBM mainframe delivers has nothing to do with COBOL.

He's trying to talk about the platform more broadly, Brody.

But what you say is so brilliant, how powerful Anthropic must feel.

Also to the upside, because look, they do a partnership with Intuit today, and that fuels Intuit shares a little bit on the upside.

So it can be make or break in either direction.

It feels into it a bit on the upside, but the company's still down, what, 40% this year.

I don't know if it's quite that dramatic, but it's a scary time to be an application software vendor, right?

I mean, the most extreme idea that companies are just going to vibe code their own solutions.

I don't think anybody really believes that.

But the idea that software vendors lose the kind of pricing leverage they've enjoyed for so long because of that potential disruption, it's really something that markets are struggling to grapple with right now.

And it's going to be a really interesting earnings cycle.

It's basically pitching itself now as a platform, right?

So historically, Claude is focused on coding and making engineering more efficient.

And if you're an Intuit customer, you already use all of Intuit's platforms and data.

You just have an agent inside of it.

If you're a small business or a consumer, it's the same with DocuSign.

We're seeing all these names move.

How is it making these companies better, Brody?

You cover this beat inside and out.

Well, it's forcing them to really try to drive adoption and use among customers.