You have to be a systems level thinker. Zoom in and zoom out. What are the LOs thinking? How many boomer PMs knew what a “Claude” was a month ago? How many have even thought about a world in ten years where software moats are gone? How about in five? CFOs are going to aggressively fire people. They are going to push their remaining engineers to aggressively use AI tools. They will aggressively acquire “AI native” startups. They will aggressively ramp their compute budgets and blow up near term gross margins. At a system level that re-enforces the narrative even tho every cfo is acting rationally. The easy money shorting SaaS has been made. Vol goes up from here. But as a group the road forward is pain and more pain with brief moments of respite 🫡