Jason Hall

Not rebuild every software wheel just because AI lets them do it.

I have a really over-the-top analogy that I want to give.

We've seen the agricultural industry become massively productive with automation.

We're seeing AI as a thing that is starting to drive even more value and unlocking productivity and getting more productivity out of every arable acre.

But we don't see McDonald's moving into farming just because technology is making farming more automated.

They're letting the farmers leverage those things to deliver better agricultural products.

Now, I think most enterprises are still going to go to enterprise software experts in the same way.

Now, with that said, yes, AI is probably going to be edge cases where businesses are using AI to build things that they're not necessarily using software companies to build.

I also think that we could see some seat-based applications.

SaaS companies feel pain, particularly as we see AI play out and affect white-collar jobs.

Now, we just talked about a company that's a usage-based model.

They're built to win if their product is a winning product.

But I think these things are a far cry from every Fortune 1000 company firing Salesforce because they can build their own CRM with Claude.

Yeah, I think that's right.

There's a difference between being totally disrupted and just increasing competition.

Competition is good for businesses, it's good for their customers, and eventually it's good for shareholders too.

If we operate through that really important lens of Ferrari as a luxury brand and not a car company, then yes, I do think it can continue to deliver more of the long-term success we've seen.

Since its 2016 IPO, revenue is up about 150%.

That's about 10% a year on average, which is pretty good.

because of the way the business is built, and that income is up almost six-fold.