Agree with Gerstner. Years ago you could buy $CRM at 35 FCFs, you knew what you were getting. AI brings fog around the real discount rate and you get a correction in SaaS. Market wants to see winners (acceleration) and losers (deterioration).

One thing is clear though .. every vibe or not coded app is going to need an infra. $DOCN is SaaS too, where was it's dip this week? Non deterministic behavior - backups, snapshots - all infra.