Lucas Swisher

And all of a sudden, that barrier breaks down.

I think it's really, really hard right now is the short answer, right?

This is the debate that we have all the time inside of our building.

You know, you take a design tool, for example.

You can make an argument that that design tool is super well positioned in a world of AI because they're going to integrate AI into all the design process and generate so much more value than before.

But then you could say, well, I just create all my designs in ChatGPT now, right?

So why would I even need this design tool?

And I think that's the argument that you're going to have on both sides of this at all times.

I think the things that you're going to want to look for, the leading indicators that you're going to want to look for, is the revenue still continuing to grow sequentially?

Is net new AR still continuing to climb?

What's happening with the retention dynamics of these businesses?

The more you can see that, the better you're going to feel.

But the reality is for the next three months, six months, nine months, we're not really going to know what's really happening in the world.

Things are happening so fast.

All of the earnings that happen are retroactive, right?

So you can only see into the past that way.

So I think that's why you're seeing people basically walk away from the sector.

Yeah, I think you could make the argument both ways.

On the public side, one, things may look cheap, but things may look cheap for a reason, right?

When things look really cheap, oftentimes they look really cheap for a reason.