Tyler Crowe

My name is Tyler Burrow, and today I'm joined by longtime contributors, Matt Frankel and John Quest.

Guys, sometimes decades happen and nothing happens, and sometimes decades happen in a month.

Yes, I'm using a Lennon quote on an investing podcast, but it really does feel like that this week because it has been a busy one.

We're going to talk about jobs numbers.

We may make a couple of cracks at Google's earnings and their stock going down today, but we're going to start

with software companies, especially SaaS companies, and a lot of things that's been going on in that space recently.

It was right around this time last year when we were talking about AI having this deep-seat moment.

Investors were terrified that a Chinese company had built some impressive AI algorithms that ran on commodity hardware and were much more efficient than some of the AI models that we were seeing from OpenAI.

Well, this week, software companies, I think, had what we could call their anthropic moment.

That's when AI company Anthropic launched Claude Cowork.

It's an AI tool designed to replace many software tools on the market today.

Just to give some examples of the software companies that were reeling from this, over the past week, shares of Shopify are down 23%.

Monday.com and Fastly are down 15%.

Bill Holdings down 16%.

This is all as we're recording today.

I could keep going.

The list is long.

This is just a brief encapsulation of what we've seen at a lot of software and SaaS companies in the last few weeks and months.

I want to put this to both of you.

With the deep-seek moment that we had last year, it seemed to have passed.