This is one of the clearest structural takes I’ve read on the current software market repricing. Rather than recycle the usual recession vs. multiples debate, the piece reframes the moment as one of duration compression where AI shrinks competitive timeframes faster than legacy valuation models can adjust.

What’s especially powerful isn’t the disruption thesis itself, but the insight that AI democratizes capability, lowering the cost and time needed to build what used to be high-moat SaaS businesses.

By linking this to broader trends, concentration in markets, capital allocation regimes, and even the architecture of money, the article pushes us to think beyond software sell-offs to a new competitive geometry.

Highly recommended for strategists who want to look past quarterly earnings toward how economic structures might rewire themselves around speed, participation, and new agents of value creation.