Tyler Crowe

Yeah.

Unfortunately, I think Chegg might end up being the punching bag that we talk about the most today when it comes to this topic.

After the break, we're going to talk about some of the ones that we don't think are in much trouble.

We'll also get into some of the ones that we really think are in trouble.

But before we do, I really want to make sure that we get Scott's question answered here, because he was specifically asking about HubSpot and Constellation.

John,

Running the gamut of SaaS companies today, where do you see HubSpot and Constellation landing on that spectrum of, hey, it'll be okay versus these companies are absolutely doomed?

Even though like SAS is a unique business model, there is obviously a very wide gamut of possibilities of companies that are using this particular business model to do what they do.

And so after the break, we're going to kind of dig into some of the companies that are on our radar as potential victims of disruption.

As I was saying before the break, there is a lot of options when it comes to SaaS.

It isn't necessarily a type of business, it's a way that a lot of software companies have modeled their businesses today.

But as we're looking at potential companies, parts of the SaaS universe that are going to be disrupted by AI, I wanted to toss the question to both of you.

As you're looking at the AI revolution,

Maybe it's not just that AI can displace what they do, but maybe it's also the businesses to which they're selling could be radically different, and that could result in big problems for these particular companies.

As you're looking at the entire SaaS universe right now, I'm going to start with you, John.

What is one company that you're really looking at closely as a potential victim of the AI disruption?

I'll take that even one step further too.

Not only is it just the seat license sort of thing, I think what also it lays bare is the idea that the current business model doesn't work on a per-person basis.

Maybe it starts to get down to an almost metered usage basis and would actually fundamentally change the way that a lot of these businesses are charging how they work.

Just thinking out loud right now, Claude, for example, you burn through tokens as a usage sort of case.