‘Get me out’: Traders dump software stocks as AI fears erupt Sometimes, being in the midst of a major tech wave makes the demands on our understanding skyrocket. The main drivers of change differ across periods and eras, which makes me realize even more that nothing is truly permanent. If something seems unchanging, it’s probably because the time frame isn’t long enough—like looking at a 30-year or 60-year cycle. Over the past 20 years, the ‘light asset, high margin, high growth’ SaaS sector has been the darling of all investors. Who would’ve thought that since last year, with the rapid development of AI, we’d see Claude, Google, and OpenAI dropping jaw-dropping product launches one after another, while SaaS software is being pushed toward its grave. It’s not the chaos that’s scary—it’s the structural divergence. It shows there are things you haven’t noticed or figured out yet, quietly changing in the background.