Travis Hoium

There's that leverage there.

There's also...

you know, plenty of people who don't think this is a bubble.

I think there's a lot of people right now with this amount of spending.

Hey, if these companies are going to keep growing their spending, how can this possibly be a bubble?

Is that a concern?

It's like a who blinks first kind of a scenario.

Well, it's going to be fascinating to see how this plays out because the numbers, even to those of us who follow this on a day-to-day basis, I think are shocking at this point.

When we come back, we're going to talk about some of the downstream impacts of AI and that's causing a SaaS-pocalypse.

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If you have followed the market at all over the past week or two, you can see that SaaS stocks have been absolutely hammered in 2026, and the selling seems to be getting worse by the day.

The theory seems to be that AI is going to do everything that software companies do today.

But my big question is, John, if the software companies aren't going to be valuable and aren't going to be making money, who pays for all the AI?

It seems like there's a lot of different narratives going on here.

So what's the real story?

So you're saying the companies that are built on a feature and not necessarily a platform, they're the ones that are going to be potentially in trouble?

And the stat that I heard this week, I don't know if you guys heard this, but the average large company has over 400 different SaaS applications that they're paying for on an ongoing basis.

And every one of them, I'm sure, answers some sort of question.

The question is, if there's, you know, let's say 200 of them or 300 of them are a feature, you know, it's a payroll feature.