For me to be wrong, there will have to be sudden, remarkable changes in either enterprise software spend, or the capabilities and costs of generative AI itself.

The former could but wouldn’t necessarily follow from the latter. And why bet against the latter yet? Sure we’re probably on a sigmoid, maybe even near the top, but are you ready to put on your big short today?

Another possibility is capability & cost DO improve, somewhere between substantially & seismically, and this cooks a lot of SaaS worse than if it didn’t.