Jordi Visser

And now you've got Claude Code.

So when we talked about Opus 4.5 coming out and that that was a moment, in hindsight, that was exactly the moment that we started to accelerate into this world of agents.

It was the beginning of the agentic world, and it's only gonna accelerate the rest of this world.

And that's why when you ask the question about software companies, what could change the view?

It's the same question that happened with retail stocks.

Are there some retail stocks that have been better than Macy's?

Of course, and there will be some software companies that are better.

I think cyber companies are being thrown out with the bathwater.

I think Snowflake and Palantir, they're being thrown out.

You look for the divergence.

I just don't think that if you are a company

like Adobe that is making stuff.

I understand there's people that love it and they're passionate about Adobe and that's great, but you can do things in nano banana and you can do things just in Gemini and in all of these things that like replace at least some of it.

So just admit to yourself that if you were priced as a growth company that was based on more enterprises every year in nominal GDP, your disconnect is coming from nominal GDP.

Your revenues will no longer be associated in my opinion with nominal GDP, unless you spend lots of money

on the agentic side, on the getting more salespeople.

Either way, if you're spending that kind of money, I just don't see it.

And for the Microsoft fans out there, they have high RPOs, they're spending tons of money, and I use every AI tool.

I have not touched Copilot for more than a second each month over the past two years.

And I still, it's on my screen, I don't use it.