Mark Gurman

So you think about image generation, right?

You pay $20 at ChatGPT, you can generate unlimited images, whereas on Adobe or Firefly, you have to pay per image generation.

You can think about Cloud Cowork.

similar way in terms of what their pricing versus the value that they're delivering is really compelling.

And so I think, one, you just have a lot of price deflation.

And that's why I think a lot of these software companies are looking to drive adoption.

Their economics aren't as good as the seed-based model.

And we're going from a seed-based model to outcomes and agents, which is a very different version.

just for reference for audience, NASDAQ 100 near session lows now down one and a quarter percent.

This story started in Europe in August.

I was there in London.

I remember the day all the European software stocks sold off.

Earlier today, we spoke to the Siemens CEO.

Let's get his take.

another software CEO whose fate is very closely tied to a relationship with NVIDIA.

And I think it's important to point that out.

But his argument is that actually specialized software is getting better because of AI.

You buy that?

I think so.

And I think that most...