Emily Flippen

Oftentimes, the context in which they're reporting derives those short-term responses.

And it's as much as I do believe in a long-term efficient market,

markets, in the near term, we can have those inefficiencies really show up and we start to see course correction over following weeks or months, days, even as people digest the news.

Jason, I think that's what we've seen here with some of these software stocks, but there's still been these bigger picture concerns around the impact of AI on software.

Even if we see some companies like Datadog or others course-correcting here, there's still concern around enterprise software businesses.

AI lowers the barriers to entry in a lot of cases.

A lot of people still suspect it will cause pricing pressure.

Datadog's fourth quarter doesn't buy into that narrative.

Pressure, I guess, takes time to build in a lot of cases.

It's not made by a single quarter.

When you look across the enterprise software spectrum, it's a silly question to ask, but I'm curious how you think about it.

Are you selling all software stocks right now?

Do you think the AI bloodbath is overdone, or is there a there there?

That's a really good point.

And I think my bigger concern, I agree with you, Jason.

I think there's going to be a place for the CRM software of the world, so to speak, for the agricultural businesses and the McDonald's.

But I do think that there is true that's possible we see some pricing pressure here, which

is the main concern, that ultimately, how much these enterprise software companies are able to generate on a per-seat or a subscription-based model, because they are and have historically been valued as 90% plus gross margin businesses.

And in the world of AI, while there might be a place for CRM software, maybe this is a structurally lower margin product than it has historically been valued at.

given the barriers to entry being lowered by AI.