Tech has looked unstoppable thanks to AI winners—but a huge part of the market is telling a very different story. In this episode, Simon and Dan break down the brutal valuation reset hitting SaaS (Software-as-a-Service) stocks, with many major names down 30–50%+ despite still-solid underlying businesses. They explain the classic “moats” that made SaaS so powerful—switching costs, ecosystems, and data—and why AI agents and LLM-driven automation are now challenging the seat-based pricing model that many software companies depend on. The discussion moves through a rapid-fire list of well-known SaaS names to unpack what’s driving the drawdowns, where the market may be overreacting, and where the risk of disruption is real. Bottom line: some of these stocks may be turning into genuine value opportunities—but the old playbook may no longer apply, and investors need to underwrite what the business looks like 2–5 years from now, not what it used to be. Tickers mentioned: CSU, CRM, ADBE, NOW, ADSK, INTU, TEAM, WDAY, TWLO, DOCU, ADP Check out our portfolio by going to Jointci.com Our Website Our New Youtube Channel! Canadian Investor Podcast Network Twitter: @cdn_investing Simon’s twitter: @Fiat_Iceberg Braden’s twitter: @BradoCapital Dan’s Twitter: @stocktrades_ca Want to learn more about Real Estate Investing? Check out the Canadian Real Estate Investor Podcast! Apple Podcast - The Canadian Real Estate Investor Spotify - The Canadian Real Estate Investor Web player - The Canadian Real Estate Investor Asset Allocation ETFs | BMO Global Asset Management Sign up for Fiscal.ai for free to get easy access to global stock coverage and powerful AI investing tools. Register for EQ Bank, the seamless digital banking experience with better rates and no nonsense.See omnystudio.com/listener for privacy information.

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“What did the council decide on item 42?” — answered with the speaker and the moment.