Scott Devitt

And then, you know, the harvest period on this spend is probably 27, 28.

So you're looking at like a three-year horizon on these stocks.

So investors are concerned about a few things.

One is that the software companies are predominantly seat-licensed businesses.

So to the extent that there's

fewer seats because there's less labor required as companies incorporate AI, then that's not good for the business models.

In addition to that, though, it's that AI itself with some of the features that, that Claude, um, which is Anthropix, you know, product has been launching displaced the software companies themselves.

I think that, um,

I think there's some justification to it, you know, for why the multiples have come down.

But I think what you're going to find is, you know, this industry is changing, evolving.

You're going to have some Macy's border circuit cities that get

cleansed through the system because they weren't great businesses to begin with.

And then you're going to have some software companies that incorporate AI features and functionality that validate their competitive position and do quite well.

But again, you're looking at probably a one to three year period of investors figuring that out.

Right now, the initial response is sell everything.

And then I think investors will parse through it and then you'll get winners and losers.

So it's gonna be a different software world, you know, in the future, but it doesn't mean that they're all losers.

Well, you know, the market hates uncertainty.

So there's, it's been many years since we've had this level of uncertainty in so many of these companies in terms of what the future holds.

We had a good 10, 15 years where all the same companies went up on every single day and everybody knew who the winners were.