Joe Liemandt

Vistas that moved down to Austin, you know, in the middle.

And so I spent a lot of time with those guys talking about their model and how it's different.

Software is a great business.

It's a less great business, I think, going forward.

Why?

It's going to be dominated by AI.

The dynamic that's going to change

is the ability to swap out your long-tail legacy is just way easier now.

Software companies, especially systems of record and transaction stuff, you're counting on a decade-long tail.

You can't pull it out.

And that's been true forever.

And I believe this is the bear case on SaaS, is can AI enable companies to swap out the systems that never have been able to be swapped out before?

In your world of melting ice cubes, does the ice cube melt faster?

It's not freezing, it's heating it.

Is AI just a sun burning this ice cube down?

The question is just, it's a matter of extreme.

It is a true statement.

AI allows you to replace legacy systems much easier than you could pre-AI.

No one disagrees with that.

It's two parts.