Dylan Patel

When is that coin going to flip over?

But I think the thing that most people don't realize, I'm not saying hardware is going to dominate forever at all, but software is not...

the same as it was five, 10 years ago.

You've had dramatic changes in software and the business model is going to change as well.

Go back like five years, three years, whatever, when SaaS was the darling.

Let's call it October 2022, I think was when SaaS peaked.

April 21, okay, okay.

Multiples, okay, okay.

I just remember November 22 was when shit like hit the fan.

It was November.

Okay, it was November 21.

Sorry.

November 21, I remember SaaS started tanking.

And at the time, it was like mostly like they were overrunning and all these other things.

It doesn't matter.

The interesting thing about the business model is that it is such a good business model.

When your R&D is sort of this, it stays flat, right?

And you grow a little bit, but really R&D doesn't flex that much.

Your cogs are super low.

The flip side is in a SaaS business, your customer acquisition cost is quite high.