Toby Bordelon

At some point, sure, we're probably going to hit an upper limit.

There is an upper limit to everything.

That's just the reality.

That happens to every company eventually.

You see that upper limit to your core product, your core service.

But the good businesses find ways to keep growing by expanding their business into other products and services, or increasing the value of what they offer

so that they can justify those price increases, going back to Jason's point, increasing that premium value that you're offering.

Look, revenue growth is already slowing down.

This is the slowest revenue growth since 2018, I think, that we've seen.

But profitability is growing as they focus on efficiency.

They're setting the stage for future growth beyond what we're seeing by rolling out music videos, for instance, expanding the audiobooks to new markets, focusing on live events, personalization driven by AI, which may increase that perceived value that you're receiving from your subscription, that sort of thing.

I think they're doing exactly what you want them to do.

in terms of pushing beyond the core to bring in more services and features to that platform to keep that growth going.

If not in the core business, because eventually you can't, the overall business as they continue to grow what they're doing.

What we have right now is a sudden fear that AI is going to destroy every SaaS company out there, right?

That's what we got last week.

I don't agree with that assertion, but that's the vibe or was the vibe of last week.

And what companies have to do, I think, is make the case that that's not going to be true for them.

Give investors a convincing argument as to how they're going to use AI to help grow their business so that the narrative can change, at least with respect to that specific company.

Datadog did that this quarter, showing how AI is a demand catalyst for them versus being a headwind.