If there's one thing I'm very confident in is that AI will NOT replace a fortune 500s CRM platform and enterprises are not going to just abandon their CRMs overnight

The risk to SaaS is real, but I think people are applying it too broadly. AI will absolutely pressure weak software companies that are basically just thin workflow tools with poor data ownership, low switching costs, and no real system-of-record position. Those businesses are vulnerable.
But Salesforce $CRM, ServiceNow $NOW, and HubSpot $HUBS are scaled platforms. The moat is not just the software UI. It's the data model, the integrations, the embedded workflows, the historical customer records, the admin layer, the compliance framework, the partner ecosystem, and the fact that companies have spent years building their operating processes around it.
AI does not automatically destroy that. If you haven't worked in consulting or in corp finance then you don't know what I'm talking about. But I have for 10+ years.
AI may actually increase the importance of having a clean, trusted system of record because agents are only as useful as the data and permissions they can act on.
The following will still hold true:
- seat-based software pricing will come under pressure
- Customers will ask why they are paying for certain modules if AI can do more of the work
But I will take the bet that during this SaaS-pocalypse the platforms that use AI into a native operating layer inside the product and can use AI to expand usage, improve productivity, deepen customer lock-in, and shift monetization toward automation, outcomes, and higher-value workflows will actually be pretty good investments
The reality too is that some of these names had some pretty parabolic runs since they went public and now the market is digesting that and I believe they're close to end of a multi-year correction and are a sector to keep on watch