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A report from Citrini Research and Lotus Technology Management’s Alap Shah triggered a broad selloff across software equities by flipping the standard AI bull case on itself – what if aggressive AI adoption is actually bearish for software? The scenario models SaaS companies forced into steep discounts during 2027 renewals as in-house AI builds become viable, payment processors like Visa and Mastercard losing transaction volume to autonomous AI agents, and systems-of-record platforms like ServiceNow facing real pricing pressure for the first time. CrowdStrike, Palantir, Salesforce, Datadog, and dozens of others dropped on the same day. The original tweet hit 4.5 million views and became one of the most-viewed pieces on Bloomberg Terminal within an hour. Wall Street has been pricing AI as a rising tide for software incumbents, and a single credible left-tail scenario was enough to crack that consensus overnight.
