Rory Sutherland

It has for others.

And we should make that distinction.

It happened even for the great companies where churn hasn't spiked.

New customer growth has slowed down.

And I think that's a combination of something we felt for a while, which is the markets have just tapped out.

Anyone who needs a CRM at scale has one.

And then the other thing, Jason, is the point you made in your post, which is you're competing for attention at the CIO level with all these exciting new AI developments.

And at the margin, you mightn't get that extra revenue for your Salesforce instance because the money might go elsewhere.

So even the good ones, the good, that's a normative judgment, even the ones that are systems of record, there's probably a bit of an overreaction here in the sense that they're not going away, but they're just not the exciting place of growth anymore.

There is a floor, and the question is, where does it lie for different?

They're not all at the same basket.

And if you have some way of having a mental model to distinguish between the levels of risk each of these companies are facing, you can probably make some significant money here.

So I'm throwing out a couple of things.

One, the core systems of record where it's at its heart, it's transaction aggregation, like the Salesforce backend, those things aren't going away.

Accounting systems aren't going away.

I mean, SAP and Oracle is an entire generation older than many of these SaaS companies, and they ain't going away.

They were client-server, for God's sake.

In fact, SAP was mainframe once.

They're not going away because accounting systems don't get thrown away because some dude vibe coded it.

On the other hand, if you're a to-do list, you might go away just because that's a fairly trivial app.