AISaaStrabout 14 hours ago
The Sub-5% Club: The Terminal State of Software
6 min read
A cohort of public software companies including Dropbox, Zoom, DocuSign, and PagerDuty now grow under 5%. AI agents replace human seats, breaking the seat-based annuity model. Infrastructure companies like Cloudflare, Snowflake, and Twilio re-accelerate as AI usage grows. Software trades at 22.7x forward earnings, below the S&P 500 for the first time.
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